NEWLY APPOINTED UK Chancellor Nadhim Zahawi has thrown his hat into the ring for Tory leader, joining his predecessor Rishi Sunak, and becoming the second Cabinet minister to declare their ambition in the space of an hour.

The former education secretary is the third serving Government minister to kick off their campaign for the leadership, after Shapps and Attorney General Suella Braverman announced their intentions to run.

Earlier, Defence Secretary Ben Wallace said that after “careful consideration” and discussion with colleagues and family, he would not stand to be party leader and the next prime minister.

In addition to Zahawi, Shapps, Sunak, and Braverman, ex-minister Kemi Badenoch and senior Tory Tom Tugendhat have launched their own bids, with further announcements anticipated over the coming days.

Foreign Secretary Liz Truss is widely expected to stand, with the Mail on Sunday reporting she will seek to advocate “classic Conservative principles”, and could declare her candidature as soon as Monday.

The newspaper said her plans including reversing the Government’s national insurance rise, cutting corporation tax and introducing measures to ease the cost-of-living crisis.

Other potential front-runners include trade minister Penny Mordaunt and former health secretaries Sajid Javid and Jeremy Hunt.

Launching his campaign, Zahawi pledged to lower taxes for individuals, families and business, boost defence spending, and continue with education reforms that he started in his previous role.

Born in Iraq to a Kurdish family, the new Chancellor came to the UK as a nine-year-old when his parents fled the regime of Saddam Hussein.

He has often said that his own personal backstory has deeply influenced his view of Britain and he recently spoke of the debt he owed poet Philip Larkin as he improved his English as a teenager.

Zahawi has had something of a tumultuous week – first being promoted to Chancellor following Sunak’s resignation on Tuesday, then defending Boris Johnson during a gruelling broadcast round on Wednesday, before publicly calling for him to stand down on Thursday morning.

The Chancellor is backed by Michelle Donelan, who resigned from the role of education secretary on Thursday – less than 36 hours after accepting it – and former Northern Ireland secretary Brandon Lewis.

In his bid for leader, he said: “My aim is a simple one: to provide the opportunities that were afforded to my generation, to all Britons, whoever you are and wherever you come from. To steady the ship and to stabilise the economy.”

It was reported on Saturday that Johnson intends to stand down as Prime Minister on Monday in order to run again for Tory leader.

But this suggestion was knocked down by a spokesperson for Johnson as completely untrue.

Tory MP Mark Francois has said he believes at least 12 people will put their names forward.

He told GB News: “It looks like this is going to be the Grand National but without the fences, so we are probably heading for at least a dozen candidates at the moment.”

Launching his campaign in The Sunday Times, Shapps said he wants to rebuild the economy so it is the biggest in Europe by 2050, and address the cost-of-living crisis.

The newspaper said it is anticipated that he will launch his campaign website, as well as list his supporters, in the coming hours.

Badenoch announced her bid in The Times, with a plan for a smaller state and a Government “focused on the essentials”.

She is backed by Lee Rowley, the MP for North East Derbyshire, and Tom Hunt, the MP for Ipswich.

Former minister Steve Baker has thrown his support behind Braverman’s bid, despite previously saying he was seriously considering putting himself forward for the top job.

Those publicly backing Sunak include Commons Leader Mark Spencer, former Tory Party co-chairman Oliver Dowden, former chief whip Mark Harper, ex-ministers Liam Fox and Andrew Murrison, and MPs Bob Neill, Paul Maynard and Louie French.

Other potential contenders have also received endorsements from Tory ranks, despite not yet launching a bid of their own.

MPs Chloe Smith, Julian Knight and Jackie-Doyle Price have backed Truss, while Gosport MP Dame Caroline Dinenage has declared her support for Mordaunt, and former ministers Chris Philp and Rachel Maclean have said Javid would be their choice for Prime Minister.

The leadership bids to date have coincided with some controversy over the appointment of new ministers to Johnson’s caretaker Government.

Labour shadow minister Steve Reed lashed out at the Conservative Party after Sarah Dines, who reportedly asked an alleged victim of Chris Pincher if he was gay, was made parliamentary under-secretary of state jointly at the Home Office and the Ministry of Justice.

Meanwhile, education minister Andrea Jenkyns has admitted she “should have shown more composure” after making a rude sign to a “baying mob” outside Downing Street, prior to her new appointment.

Commons Leader Mark Spencer had said it was up to Jenkyns to “justify” her actions after the gesture was caught on camera.

Dines said she was “honoured” by her appointment, while Jenkyns said she was looking forward to working with the team at the Department for Education.

Sunak announced his bid for leader on Twitter on Friday afternoon, saying: “Let’s restore trust, rebuild the economy and reunite the country.”

The absence of a clear front-runner in the leadership race has tempted a number of less-fancied contenders to step forward, with backbencher John Baron saying he will be “taking soundings” over the weekend.

Tory MP and newly-appointed minister Rehman Chishti also confirmed on Saturday he is “actively considering” running for the post.

As candidates have started to make their move, Tory MP Charles Walker said it is incumbent on those running for leader that they “don’t knock lumps out of each other”.