Rishi Sunak Enters Race To Replace Liz Truss As UK Prime Minister

The former UK chancellor Rishi Sunak has announced his candidacy for the Conservative leadership contest, his second run at the top job this year.

The 42-year-old Sunak, the MP for Richmond, lost to his rival Liz Truss less than seven weeks ago but the latter’s departure on Thursday, triggering another race for the premiership, has pushed him to return to the fray.

Sunak now is seen as the clear frontrunner as he raced ahead with the backing of at least 128 Tory members of Parliament, even as loyalists of his former boss – Boris Johnson – claimed he has the necessary 100 MPs needed to make it to the shortlist.

“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 Pparty and your next prime minister. I want to fix our economy, unite our party and deliver for our country,” he tweeted on Sunday.

In the last leadership election, Sunak had 137 nominations, Truss 113, and Penny Mordaunt 105. However, Sunak lost to Truss in the final round of voting by Tory members.

Truss had won on a mandate to slash taxes to boost economic growth, but her mini-budget unleashed turmoil in the financial markets as the pound fell to record lows against the dollar.

During the previous contest, Sunak called the tax cuts proposed by Truss as "immoral" and warned about the need for fiscal responsibility.

Prime Minister Truss on Thursday announced her resignation after an open revolt against her leadership in the Conservative Party.