Pressure from the Tory right for David Cameron to commit to tax and spending cuts will be relatively muted this week in Birmingham, but it is only a temporary reprieve for the Conservative leader, the FT has been told.

The Tories are determined not to fall into a Labour trap by reviving talks of splits at their annual gathering. The markets crisis, allied to the dire state of the public finances, means the focus is on addressing City turmoil rather than tax cutting.