Rishi Sunak declares he'll be running for Conservative leadership
The former Chancellor and Penny Mordaunt are going head to head
Rishi Sunak has confirmed he will be running to be the next Conservative leader.
He's the second person to officially declare interest in the top job, with Penny Mordaunt already in the race.
Former Prime Minister Boris Johnson is also expected to enter the running.
The former Chancellor tweeted: “The United Kingdom is a great country but we face a profound economic crisis.
“That’s why I am standing to be leader of the Conservative Party and your next prime minister.
“I want to fix our economy, unite our party and deliver for our country.”
Declaring his prime ministerial ambitions, Rishi Sunak added: “I served as your chancellor, helping to steer our economy through the toughest of times.
“The challenges we face now are even greater. But the opportunities, if we make the right choice, are phenomenal.
“I have the track record of delivery, a clear plan to fix the biggest problems we face and I will deliver on the promise of the 2019 manifesto.
“There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done.
“I am asking you for the opportunity to help fix our problems. To lead our party and country forwards towards the next general election, confident in our record, firm in our convictions and ready to lead again”.
What happens next?
Candidates need to have the backing of 100 MPs by Monday afternoon to be in with a chance.
Over 120 MPs have publicly declared their support of Rishi Sunak so far, while Penny Mordaunt has around 20 behind her at the moment.
While Boris Johnson hasn't yet formally entered the race, he's reported to have the support of more than 50 MPs.
It follows the resignation of Liz Truss earlier this week.