Businessman Charlie Oliver confirmed that he will not be seeking the PC leadership, but rather will be focusing his efforts on establishing a private sector think-tank.

Rumours circulated earlier this week that Oliver was looking at the possibility of a Tory leadership run.

According to Oliver, the think-tank will focus on issues including the overburdened health care system, education and pension liabilities.

He said it will launch over the next few weeks with the creation of a board of directors.