Updated: 11.35am
Britain's former finance minister Rishi Sunak has confirmed he will stand to replace Liz Truss as prime minister.
"The United Kingdom is a great country but we face a profound economic crisis," he said on Twitter.
"That's why I am standing to be leader of the Conservative Party and your next prime minister."
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. pic.twitter.com/BppG9CytAK— Rishi Sunak (@RishiSunak) October 23, 2022
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The former chancellor was defeated by Ms Truss in the race to replace Boris Johnson in September after losing an election held by members of the Conservative party across the UK.
Even before declaring on Sunday, Mr Sunak had received more support from Conservative lawmakers than his rivals - former defence minister Penny Mordaunt and Mr Johnson, who is attempting a comeback.
Mr Sunak quit Mr Johnson's government in July, helping trigger a rebellion that bought him down.
"There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done," he said in a statement.
"I am asking you for the opportunity to help fix our problems."
Meanwhile, Britain's Northern Ireland secretary Chris Heaton Harris has said Mr Johnson will enter the leadership race.
Speaking to Sky News on Sunday, Mr Heaton Harris said Mr Johnson has enough support from lawmakers to pass the 100-vote threshold.
"We do have the numbers... that's not an issue," he said. -Reuters
