Boris Johnson’s ‘comeback rumour’ heightened over the weekend but pulled out of the contest on Sunday, Aljazeera has reported.
Johnson said late on Sunday that he had secured the backing of 102 legislators and could have been “back in Downing Street”, but that he had failed to persuade either Sunak or the other contender, Mordaunt, to come together “in the national interest”.
“I believe I have much to offer but I am afraid that this is simply not the right time,” Johnson said.
The Tories retain a majority in parliament, meaning that as their leader, Sunak will be named prime minister by King Charles III.
Economists have questioned whether Sunak can tackle the country’s finances while holding the party’s multiple warring factions together.
Finance minister Jeremy Hunt – the fourth person in that role in four months – is due to present a budget on October 31 to plug a black hole in the public finances that is expected to have ballooned to up to 40bn pounds.