Former finance chief Rishi Sunak is the favorite to become the UK’s next prime minister after former prime minister Boris Johnson withdrew from the race Sunday night.

Sunak, who was finance minister under Johnson and organized the effort to have him resigned in July, is following a policy of economic caution after Prime Minister Liz Truss’s administration was suspended last week. The only opposition left to Sunak is former Defense Minister Penny Mordaunt.

Both candidates must have at least 100 supporters within the Tory party by Monday afternoon to be considered for a larger vote. If both candidates get 100 supporters, the Party will vote and the winner will be announced on Friday, according to CNBC.

Sunak overtook Mordaunt in the September race for the post of prime minister, which ultimately won Truss.

PRESIDENT BIDEN SAYS BRITISH PRIME MINISTER LIZ TRUSS’S TAX CUTTING PLAN WAS A ‘MISTAKE’

British Conservative MP Rishi Sunak leaves his campaign headquarters in London, Great Britain on October 23, 2022. REUTERS / Henry Nicholls

Outgoing British Prime Minister Boris Johnson speaks outside Downing Street in London on Tuesday 6 September 2022 before heading to Balmoral in Scotland, where he will announce his resignation from Queen Elizabeth II of Great Britain.

Outgoing British Prime Minister Boris Johnson speaks outside Downing Street in London on Tuesday 6 September 2022 before heading to Balmoral in Scotland, where he will announce his resignation from Queen Elizabeth II of Great Britain.
(AP Photo / Kirsty Wigglesworth)

UK PRIME MINISTER LIZ TRUSS RESIGNED AFTER LESS THAN 2 MONTHS IN OFFICE

Truss was in power for just 44 days before stepping down last week amid the turmoil over his economic policies, which called for large tax cuts. While her administration ultimately canceled virtually all of her plans, the damage was done and the UK markets remained in chaos.

Sunak announced his candidacy to replace Truss on Sunday, garnering widespread support after Johnson dropped out of the race.

“The UK is a great country, but we are facing a deep economic crisis,” Sunak wrote in a statement. “That’s why I’m standing up to be the leader of the Conservative Party and your next prime minister.”

British Prime Minister Liz Truss addresses the media in Downing Street in London on Thursday 20 October 2022.

British Prime Minister Liz Truss addresses the media in Downing Street in London on Thursday 20 October 2022.
(Photo AP / Alberto Pezzali)

“There will be integrity, professionalism and responsibility at all levels the government I drive and will work day after day to get the job done, ”he said in a statement.

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Sunak is believed to have the support of nearly 190 party members, while Mordaunt claims to have 90. If Mordaunt does not cross the 100 mark by Monday afternoon, Sunak will be appointed prime minister.



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