The former UK finance minister announces his candidacy to replace Prime Minister Boris Johnson, who has announced he will step down.

Britain’s former finance minister Rishi Sunak has announced he is standing to replace Boris Johnson, three days after he helped start the cascade of resignations that brought down the prime minister.

Johnson announced on Thursday that he would step down as prime minister after a mass rebellion within his Conservative party sparked by the latest in a series of scandals that had fatally undermined public trust.

Johnson’s impending departure has added political uncertainty to an already difficult mix of runaway inflation, slowing growth and industrial unrest, amid war in Ukraine and the UK’s continued struggle to adapt to life after Brexit.

“Someone has to seize this moment and make the right decisions. That’s why I’m running to be the next leader of the Conservative Party and your prime minister,” Sunak said in a video posted to Twitter.

I am running to be the next leader of the Conservative Party and your Prime Minister.

Let’s restore confidence, rebuild the economy and bring the country together. #Ready4Rishi

Sign up 👉 https://t.co/KKucZTV7N1 pic.twitter.com/LldqjLRSgF

— Ready for Rishi (@RishiSunak) July 8, 2022

“Do we face this moment with honesty, seriousness and determination or do we tell ourselves heartwarming fairy tales that might make us feel better now but will make our children worse off tomorrow,” he said. .

Sunak and Health Secretary Sajid Javid left the cabinet within minutes of each other on Tuesday, setting off a series of events that led to Johnson’s decision to step down.

Rules and timing for the contest to replace Johnson are to be set next week by a party committee.

Sunak’s budget last year put the UK on track for its biggest tax burden since the 1950s, which critics say undermined its claim to favor lower taxes.

During the COVID-19 pandemic, Sunak has overseen around 400 billion pounds ($481 billion) in economic support, averting a sharp rise in unemployment but leaving government borrowing to a peacetime record in the face of a historic plunge. of GDP.

Sunak’s popularity with conservative lawmakers was then shaken after he raised income taxes in April to fund rising health and social care spending, and announced plans to raise corporate taxes sharply. in 2023.

Conservative MP Tom Tugendhat and Attorney General Suella Braverman also formally announced their candidacies.

Former Health and Foreign Secretary Jeremy Hunt, who lost to Johnson in 2019, was “virtually certain” to run again, a source close to Hunt told British media.

Johnson resists

Meanwhile, Johnson continued to resist demands to step down immediately and hand over power to his deputy, Dominic Raab.

Johnson’s spokesman said there was no question of Raab taking over as caretaker.

“The Prime Minister acts in accordance with the convention. He remains Prime Minister until a new party leader is in place and the work of government will continue during this time,” he told reporters.

Labor deputy leader Angela Rayner said the main opposition party was aiming to trigger a vote of no confidence in parliament if the Tories did not get rid of Johnson immediately.

“He’s a proven liar who is engulfed in foolishness and we can’t have another two months like this,” she said in a BBC radio interview.

“If they don’t, we’ll call a vote of no confidence because it’s pretty clear he doesn’t have the confidence of the House. [of Commons] or the British public.