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For the fourth time in eight years, the Conservatives are electing a new leader. With five declared candidates and others still thinking abo...

For the fourth time in eight years, the Conservatives are electing a new leader. With five declared candidates and others still thinking about entering the race, there is plenty of choice for the Tory MPs and party members who will make the decision. So far, there is no obvious winner.

David Davis, shadow home secretary, has the strongest support among MPs, and has attracted backing from left and right, as well as well-known modernisers. Of humble origins, he is good at communicating with voters and is an effective parliamentary performer8230;

If Mr Davis looks certain to make the second round, there is no clear runner-up to join him on the members8217; ballot. However, Malcolm Rifkind, the former foreign secretary standing as a One Nation Conservative with serious ministerial experience, appears to be lacking sufficient support.

Dr Liam Fox is making his pitch as the unvarnished right-wing candidate, attracted by the religious conservative politics so influential among US Republicans8230; His appeal to the wider electorate, though, must be in doubt.

Ken Clarke says he is the biggest beast in the contest and he is the only candidate with significant name recognition among the electorate. His pro-European Union views remain anathema to many important Conservative supporters, despite his claim that EU paralysis makes them irrelevant. He acknowledges the importance of winning the centre ground but is infuriatingly short on policy detail.

David Cameron, the youngest candidate, impressed many with his campaign launch. He lacks front-bench experience, however8230; But he has made a coherent case for modernising the party and widening its appeal.

Each of these candidates has strengths, but also serious weaknesses. In making their choice, Conservatives need to consider two important questions: who is most likely to attract swing voters, particularly in the midlands and the north; and who will offer the strongest challenge to Gordon Brown, Tony Blair8217;s likely successor.

Excerpted from an editorial in the 8216;Financial Times8217;, October 3