Young Tories are considering leaving the party to form a libertarian Conservative party unless Iain Duncan Smith improves his poll ratings and reforms the party.

Today's Telegraph reports that a group of 50 Tories, including 12 candidates, have been meeting in private for several months to discuss the project.

The organisers will study the party conference in October and the next batch of candidate selections for evidence that Duncan Smith is delivering the change they believe the party requires.