Rishi Sunak looks set to become the next prime minister after Boris Johnson dropped out of the race.
Sunak, who is running on a platform of “integrity, professionalism and accountability” has more than 150 declared supporters. His only remaining rival, Penny Mordaunt, has just 26.
Johnson said in a statement on Sunday night that he would not be running, despite claiming to have amassed more than 102 backers. Only 56 MPs had supported him publicly.
If Mordaunt drops out of the race, it will clear the way for Sunak to be appointed prime minister as early as today.
In a brief statement on Twitter, Sunak said he wanted to “fix our economy, unite our party and deliver for our country” at a time of “profound economic crisis”.
However, some supporters said Johnson’s decision to leave the race would reignite Mordaunt’s campaign and give her the impetus to clear the 100-backer barrier.