Michael Spencer is trading again. The billionaire City grandee has taken stakes in no fewer than six candidates to be the next Conservative leader.

The former Tory party treasurer under David Cameron has donated to the campaigns of Boris Johnson, Michael Gove, Jeremy Hunt, Sajid Javid and Dominic Raab, all of whom are vying to replace Theresa May as prime minister. (He also supported Esther McVey, who did not survive the first round of voting on June 13, failing to garner enough votes to proceed.)