Rishi Sunak has eyes on Number 10 (Picture: Story Picture Agency)
Rishi Sunak has announced his bid to replace Liz Truss as prime minister.
The former Chancellor has already gained the support of more than 100 Tory MPs, meeting the threshold needed to join the race.
But he has now officially declared his campaign to enter Downing Street, saying: ‘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.’
He looks set for a showdown with his old boss Boris Johnson, who hasn’t officially declared but has the backing of dozens of MPs.
Jacob Rees-Mogg appeared to confirm Johnson would enter the battle to become PM again.
A Tory MP snapped this shot of Boris Johnson taking calls after returning from holiday in the Caribbean (Picture: Lee Anderson MP)
The Business Secretary told the BBC’s Laura Kuenssberg: ‘I have been speaking to Boris Johnson, and clearly he’s going to stand, there’s a great deal of support for him’.
Many observers believe Johnson would beat Sunak if the contest is decided by the Tory party membership next week.
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This is a breaking news story, more to follow soon.