Ben Wallace rules out standing to replace Boris Johnson as Tory MPs take sides – UK politics live

Good morning.

He was neither the first to announce his resignation nor first to announce his decision to stand to replace Boris Johnson, but Rishi Sunak’s leadership bid will come as a surprise to nobody.

As far as the bookmakers are concerned, the former chancellor has taken an early lead, with an average of odds suggesting he is 2/1 to be the next Conservative leader, followed by Liz Truss (8/1).

Sunak launched his bid on Friday after telling colleagues he had 80 to 100 MPs behind him. Some began declaring their support publicly, including Mark Harper, the former chief whip, Oliver Dowden, the former party co-chair, and Mark Spencer, the leader of the House of Commons.

His announcement came in a slickly edited three-minute video message posted on Twitter under the slogan “Ready for Rishi”. “I’m standing to be the next leader of the Conservative party and your prime minister,” he said. “Let’s restore trust, rebuild the economy and reunite the country.”

For a man who has been in charge of the economy for the past two years, the suggestion it needs rebuilding and that he is the man to do it may raise eyebrows.

His declaration capped an extraordinary week in Westminster in which Johnson’s authority dramatically collapsed, with more than 50 members of his government quitting before the prime minister finally announced his resignation on Thursday.

While there aren’t expected to be 50 candidates competing to be the new PM, a wide field is likely, with as many as 15 Conservative MPs set the put their name down for the job.

We’ll bring you all the latest updates throughout the day.