Rishi Sunak declares he is standing to replace Liz Truss as prime minister

Former chancellor Rishi Sunak has formally declared he is standing in the race to succeed Liz Truss as Conservative party leader and prime minister.

Mr Sunak is the second contender to announce his candidacy, following leader of the Commons Penny Mordaunt.

But they face a likely third hopeful in the shape of former prime minister Boris Johnson, whose supporters claim he has support from the 100 MPs required to get his name onto the ballot paper.

Announcing his candidacy in a tweet, Mr Sunak 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.”

He added: “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 I will work day in and day out to get the job done.

“I am asking you for the opportunity to help fix our problems. To lead our party and country forward towards the next general election, confident in our record, firm in our convictions and ready to lead again.”

Mr Sunak is the frontrunner in terms of declared support, with 135 MPs endorsing him by Sunday morning, including home secretary Grant Shapps, who said he could provide “stability and proven economic competence in these challenging times”.

He was today boosted by the backing of influential eurosceptic Steve Baker, who said a second Johnson premiership would be a “guaranteed, nailed-on disaster” because of the looming standards inquiry into alleged contempt of parliament over Downing Street parties.

Sunak’s supporters have cast doubt on the Johnson camp’s claim to have amassed the necessary 100 nominations, pointing to the fact that just 59 have gone public with their backing - including most recently cabinet minister Nadhim Zahawi.

But Johnson supporter Chris Heaton-Harris said that some of the ex-PM’s backers were unable to make their preference known because of their positions in the government or party.

He told Sky News: “We definitely have enough numbers – we’ve already booked the appointment with Bob Blackman, the secretary of the 1922 Committee, tomorrow.”

And business secretary Jacob Rees-Mogg rejected speculation that Mr Johnson may never formally enter the contest.

Some in the Sunak camp regard Johnson’s unverified claim of 100 MPs’ support as a face-saving move, to allow him to drop out without having to admit he had failed to gather enough backers for a bid. MP Richard Holden said that the supposed hidden army of Boris backers “don’t exist”.

But Mr Rees-Mogg told BBC1’s Sunday with 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.”

Johnson and Sunak last night held their first face-to-face talks of the leadership contest.

But Sunak supporter Dominic Raab denied that the former chancellor was seeking a deal with Mr Johnson to guarantee him a return to his old job if the former PM’s comeback attempt succeeds.

Asked if the pair had done a deal during Saturday’s meeting, Mr Raab told Kuenssberg: “No, I don’t think there’s any issue around deals here and that’s not the right way to proceed.... What would that deal involve?”

Another Sunak supporter, former minister Damian Hinds, told BBC Radio 4’s The World This Weekend that a deal was not on the table in last night’s talks, which he described as “friendly and positive”.

Mr Hinds said: “As I understand it, it’ snot about whether there’s a deal or not a deal. It was a conversation about how to unify the party and take the country forward.”

Ms Mordaunt, who is lagging behind on just 27 declarations of support from MPs, also denied she was seeking a deal with either of the other two hopefuls.

“It’s completely false,” she told Kuenssberg.

Pressed on whether she would prefer Johnson or Sunak as PM, Ms Mordaunt said: “I’m standing to be prime minister. I am not contemplating how the other camps are organising themselves.”

She refused to say whether she would be comfortable with a comeback by Mr Johnson, saying: “It’s not about him, it’s not about me, it’s about the public.”

Ms Mordaunt also said: “I’m in this to win it. I think it’s important for our party, we have a contest. I am very confident about our numbers.”

Responding to the former chancellor’s candidacy, Liberal Democrat deputy leader Daisy Cooper MP said: “Rishi Sunak cannot be trusted to steer our country through this cost of living crisis. He was the chancellor that hiked taxes on hardworking families and lost billions of pounds of taxpayers’ money to covid contract fraud.

“Evidently, the Conservative party simply doesn’t trust the British public to decide who governs Britain. The future of our country should be in the hands of voters, not the Conservative MPs who have caused all this chaos. We need a general election now.”