Rishi Sunak looked set to become Britain's next prime minister after Boris Johnson withdrew from the contest on Sunday (Oct 23), saying that although he had enough support to make the final ballot he realised the country and the Conservative Party needed unity.
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Johnson had raced home from a holiday in the Caribbean to try and secure the backing of 100 lawmakers to enter Monday's contest to replace Liz Truss, the woman who succeeded him in September after he was forced to quit over a string of scandals.
He said he had secured the backing of 102 lawmakers and could have been "back in Downing Street", but that he had failed to persuade either Sunak, or the other contender Penny Mordaunt, to come together "in the national interest".
"I believe I have much to offer but I am afraid that this is simply not the right time," Johnson said late on Sunday.
The former prime minister had secured the public backing of just under 60 Conservative lawmakers by Sunday, well under half of the nearly 150 endorsements Sunak had received.
Sterling rose more than half a cent against the dollar in early trading in Asia.
Johnson's statement likely paves the way for his arch rival, the 42-year-old former finance minister Sunak, to become prime minister, possibly as soon as Monday. If confirmed, he would replace Truss who was forced to resign after she launched an economic programme that triggered turmoil on financial markets.
