The former prime minister said he will not run, despite having the necessary support of parliamentarians. He said he came to the conclusion that “it just wouldn’t be fair” because “there is no effective government without a united party in parliament.”
“I think I have a lot to offer, but I fear this is not the right time,” the former prime minister said.
This means that former finance minister Rishi Sunak is almost guaranteed to become Britain’s next prime minister.
“The UK is a big country, but we are facing a deep economic crisis,” Sunak tweeted. “I want to repair our economy, join our party and contribute to our country.”
The Tories previously named Ms Sunak, former Prime Minister Boris Johnson or former Trade Policy Minister Penny Mordont, who came third in the previous election, as Tras’s likely successors.
Nominated candidates must each receive the support of at least 100 Conservative Party MPs, which practically means that only three candidates are possible.
Sunak currently has the support of over 140 MPs, while Mordonta alone has 25.
Nominations will close on Monday.
