Penny Mordaunt

The former chancellor now has the endorsements of 160 Tory MPs - well above the 100 needed by 2pm to make it onto the ballot - while Ms Mordaunt has just 26 ...

A source from Team Mordaunt said: "Penny is still running to be the Leader of the Conservative Party. He portrays himself as a free marketeer, yet he is best known as the author of the biggest state intervention in history. But in the course of the last days I have sadly come to the conclusion that this would simply not be the right thing to do. The same cannot necessarily be said for Rishi Sunak, a man whose career to date has been riddled with contradictions. Therefore I am afraid the best thing is that I do not allow my nomination to go forward and commit my support to whoever succeeds. You know, why are there these big divisions and blocks of voters and why have we lost the art to sort of disagree and be able to mend quicker? A campaign spokeswoman made clear that Ms Mordaunt is not dropping out of the race, saying: "Penny is speaking to colleagues from across the party. The fact that Penny asked Boris Johnson to step back for her, I thought was quite interesting.” I think all that’s happened so far is we’ve got Brexit done in the sense that we’re out of the EU. Asked during an LBC Radio phone-in if it is time for a change of heart again, he said: “It’s a straight no from me, we’re not going back into the EU. Mark Francois, the ERG chairman, said before the 10.30am gathering: “This is a plenary meeting of the European Research Group. Asked if he would go to the final if England reached it, he told LBC Radio: “No, I wouldn’t.

Financial markets responded positively to the news that Mr Johnson had pulled out of the contest to become PM.

If she is able to gain the support of 100 Tory MPs then the decision will be handed to Conservative Party members in an online vote which will close on Friday. And we'll see whether it does indeed go to a second round, which means out to the membership in the country or whether indeed, it's all over at that stage, but nothing taken for granted by Rishi at this stage.” Because by this lunchtime, I think specifically two o'clock we will know the answer to all of this. “He worked to secure the mandate and the majority we now enjoy. He's working very hard to attract those supporters who were perhaps with Boris Johnson previously. Ms Mordaunt has fewer than 30 and will be hoping some of Mr Johnson’s backers might now swing in behind her.

The former premier's decision to exit the leadership race of the ruling Conservatives Party means Mordaunt is now the only challenger to Rishi Sunak.

In the previous leadership election, which was necessitated due to Johnson’s resignation as PM and the results of which were announced on September 5, Truss emerged victorious over Sunak. If victorious, Sunak will be the United Kingdom's first Indian-origin PM. The final results are expected to be announced today. We will always be grateful to him for that,” the former finance minister, 42, said in a tweet. He worked to secure the mandate and the majority we now enjoy. While Johnson exited despite claiming he is supported by as many as 102 MPs, Sunak, as per reports, has the support of more than 140 MPs.