UK's Sunak launches premiership bid as rival throws in towel and backs him

Ex-finance minister Rishi Sunak, the favourite to become Britain's next prime minister, has kicked off his campaign promising "honesty", in an increasingly testy and divisive battle to succeed Boris Johnson.

Transport minister Grant Shapps on Tuesday became the first to end his bid, throwing his support behind Sunak, whose resignation helped provoke the revolt by ministers and Conservative lawmakers that forced Johnson to say he would resign last week.

Sunak, whose resignation a week ago helped topple Johnson, has cast himself as the candidate of fiscal probity, saying the country needed "honesty and responsibility, not fairy tales" to get through tough economic times.

"It is not credible to promise lots more spending and low taxes," he said.

An initial 11 candidates put their names forward to become leader of the governing Conservative Party and Britain's next premier after Johnson was forced to say he would step down when support drained from him over a series of scandals.

Only those who get nominations from 20 of their 358 Conservative colleagues in parliament on Tuesday will go forward to the first vote on Wednesday. The field will be then quickly whittled down to a final two, with Conservative Party members making the final decision.

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More candidates throw their hat in the leadership ring 

Among the others to launch their campaigns on Tuesday were Tom Tugendhat, the chair of the foreign affairs committee, and Kemi Badenoch, a former junior minister who is scooping up some support on the right wing of the party.

Foreign Secretary Liz Truss was also hoping to challenge those at the top of the leader board and received the backing on Tuesday of two ministers closest to Johnson – Nadine Dorries and Jacob Rees-Mogg – who have both been critical of Sunak.

The main opposition Labour Party will put forward a motion of no confidence in the government on Tuesday to try to force Johnson out of office straightaway. The vote will be held on Wednesday and although some Conservatives have voiced concern at Johnson remaining as prime minister, they are very unlikely to support it.

The new leader faces a busy in-tray as well as falling opinion poll support.

Britain's economy is facing rocketing inflation, high debt, and low growth, with people coping with the tightest squeeze on their finances in decades, all set against a backdrop of an energy crunch exacerbated by the conflict in Ukraine which has sent fuel prices soaring.

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