RISHI SUNAK HAS thrown his hat into the ring to become UK Conservative Party leader with a promise to rebuild trust following the tumultuous premiership of Boris Johnson.

The former chancellor quit on Tuesday, helping to trigger an avalanche of ministerial resignations. He announced his bid on Twitter, saying: “Let’s restore trust, rebuild the economy and reunite the country.”

His move came as allies of former foreign secretary Jeremy Hunt, who was runner-up to Johnson in 2019, said he was “virtually certain” to stand again this time.

Meanwhile, Johnson was continuing to resist demands to stand down as Prime Minister and hand over to his deputy, Dominic Raab, until a permanent successor is in place. 

Sunak released a glossy launch video in which he set out his family history, saying: “Our country faces huge challenges, the most serious for a generation.

“And the decisions we make today will decide whether the next generation of British people will also have the chance of a better future.”

I’m standing to be the next leader of the Conservative Party and your Prime Minister.

Let’s restore trust, rebuild the economy and reunite the country. #Ready4Rishi

Sign up 👉 https://t.co/KKucZTV7N1 pic.twitter.com/LldqjLRSgF

— Ready For Rishi (@RishiSunak) July 8, 2022

Sunak enters what is likely to be a crowded field with more than a dozen MPs either having announced their intentions or thought to be considering a run.

Even before Sunak made his formal announcement, he had come under fire from Johnson loyalists, with Brexit Opportunities Minister Jacob Rees-Mogg denouncing him as a “high tax chancellor” who failed to curb inflation.

Sunak had been resisting pressure from No 10 to cut taxes, arguing it would simply fuel rising prices. In his video he said the Government could not afford to lull voters about the difficulties ahead with “comforting fairy tales”.

“Do we confront this moment with honesty, seriousness, and determination, or do we tell ourselves comforting fairy tales that might make us feel better in the moment but will leave our children worse off tomorrow?” he said.

“Someone has to grip this moment and make the right decisions. That’s why I’m standing to be the next leader of the Conservative Party and your Prime Minister.”

Sunak’s announcement saw bookmakers Ladbrokes install him as their joint favourite to succeed Johnson alongside Defence Secretary Ben Wallace.

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

Tom Tugendhat, the chairman of the Commons Foreign Affairs Committee, and Attorney General Suella Braverman have already said they will be putting their names forward.

More are expected in the coming days including Mr Sunak’s successor as Chancellor, Nadhim Zahawi, and Foreign Secretary Liz Truss.