Rishi Sunak confirms that he will be running in Tory leadership contest

Former chancellor Rishi Sunak, the man previously responsible for our economy, has announced his bid to replace Liz Truss as prime minister, just six weeks after she beat him to the top job.

It comes after more than 100 MPs have declared their support for Mr Sunak.

Boris Johnson and Mr Sunak were said to be locked in talks late into the evening as speculation mounted over whether the pair could strike a deal to lay the foundations for a unified Conservative government.

Mr Johnson was lagging behind his former chancellor in public support from MPs as Mr Sunak gained a valuable ally in Kemi Badenoch on Saturday, with backers of the ex-PM challenged over claims he had reached the number required to secure a spot on the Tory ballot paper.

Sir James Duddridge, a friend of Mr Johnson, said the former prime minister had the support of the 100 MPs required to reserve his place in the vote.

Cabinet member Nadhim Zahawi, who took the job as Boris Johnson's chancellor in July, only to tell him to "go now", has today backed the former PM - claiming he has changed since his premiership.

But Sunak supporter Richard Holden cast doubt on this suggestion, arguing that the equivalent number of public declarations had not been made “because they don’t exist”.