Rishi Sunak confirms Tory leadership bid joining Penny Mordaunt in the running

Rishi Sunak said he wants ‘to fix the economy’ after the shock resignation by predecessor Liz Truss.

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Rishi Sunak has confirmed his candidacy to replace Liz Truss as Conservative leader and prime minister. The former chancellor, who lost out on his bid previously to Ms Truss, announced the decision on Twitter on Sunday (October 23).

He said: “The United Kingdom is a great country but we face a profound economic crisis. That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country.”

His bid came just weeks after he was defeated by Ms Truss in the battle to replace Boris Johnson in September, following a vote held by Conservative Party members throughout the country.

Candidates for the leadership must receive the support of at least 100 Conservative MPs in order to be listed on the ballot, and Mr Sunak reportedly had 124 before declaring his candidacy. The only other candidate who has formally declared their participation so far is Commons Leader Penny Mordaunt, who has 23 public supporters.

While there is rising support for Prime Minister Boris Johnson to run for office once more, he has not yet made any formal announcement. According to reports, Mr Sunak and Mr Johnson spoke last night as speculation about a potential pact to win the premiership and rally the party around them surfaced.

‘The challenges we face now are even greater’

But in his full statement, Mr Sunak made no mention of his former boss. Instead, he said: “I served as your Chancellor, helping to steer our economy through the toughest of times. The challenges we face now are even greater. But the opportunities - if we make the right choice - are phenomenal.

“I have the track record of delivery, a clear plan to fix the biggest problems we face and I will deliver on the promise of the 2019 manifesto. There will be integrity, professionalism and accountability at every level of the government I lead and will work day in and day out to get the job done.

“I am asking you for the opportuity to help fix our problems. To lead our Party and country towards the next General Election, confident in our record, firm in our convictios and ready to lead again.”