Ex-Finance Minister Sunak is the favorite to succeed Liz Truss

London Rishi Sunak has the best chance of becoming Britain’s new prime minister. After ex-Prime Minister Boris Johnson declared late on Sunday evening that he did not want to compete after all, the 42-year-old former Chancellor of the Exchequer is the clear favorite to succeed Liz Truss, who has resigned.

While Johnson was desperately trying to get enough MPs from his party behind him on Sunday, he was able to Sunak officially announced his candidacy in the afternoon with the support of more than 120 parliamentarians. In addition to him, only the Conservative majority leader in the House of Commons, Penny Mordaunt, is in the running. However, you are given only small chances.

Johnson’s resignation comes as a surprise, as his supporters had claimed until the evening that he would compete. “I believe I am capable of securing a Conservative victory (in the general election) in 2024,” the ex-PM said. He has the support of 102 Conservative MEPs. However, the British media estimate the number of his supporters to be significantly lower. “But unfortunately over the past few days I’ve come to the conclusion that this just isn’t the way to go,” Johnson continued. “You can’t govern effectively unless you have a united party in Parliament.”

Sunak and Johnson had not been able to agree on a joint approach on Sunday night. Johnson apparently insisted he had to become the new prime minister because he was the only one with a vote after winning the 2019 general election. But Sunak knew the majority of the faction was behind him. Mordaunt also refused to withdraw her candidacy in favor of Johnson. Labor leader Keir Starmer has called for immediate general elections.

The candidates for the party leadership of the ruling Tories need the support of at least 100 party members. The result is due to be announced on Monday at 2 p.m. UK time. Should only Sunak reach the 100 mark, he would automatically become the new party leader and prime minister on Monday. It would be the third in three months.

The renewed race for the top of government became necessary because Truss had to give up after only 44 days under pressure from the financial markets and her party after a false start in terms of economic policy. International investors are nervous about political instability in London.

Initial speculation about Johnson’s candidacy had again put sterling and British government bonds under selling pressure on Friday. “Given the instability we saw at the end of Johnson’s premiership, there may be concerns about his ability to form a stable government,” former Banker Charlie Bean warned.

On Sunday, there were increasing doubts that Johnson could really make what is probably the greatest political comeback in recent times. Sunak was also able to win over leading representatives of the right wing of the party. Above all, the support of Trade Minister Kemi Badenoch and former Brexit negotiator David Frost should give Sunak’s candidacy further impetus. On Sunday afternoon, former Home Secretary Suella Braverman also sided with the former Chancellor of the Exchequer. “I want to put our economy back in order, unite our party and do something for our country,” the 42-year-old son of African immigrants justified his candidacy.

Johnson also had prominent right-wing supporters in former Home Secretary Priti Patel, Defense Secretary Ben Wallace and Business Secretary Jacob Rees-Moog. However, among the 357 Conservative MPs, he met with a great deal of skepticism and even open hostility. Several Tory MPs have threatened to leave the party if Johnson is elected.

Partygate affair cast a shadow over Johnson’s candidacy

The reason for the strong reservations in the group is, among other things, an ongoing investigation by the ethics committee in the British House of Commons into whether Johnson lied to Parliament about his violations of the lockdown rules during the pandemic.

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