London, October 23: Britain's former Finance Minister Rishi Sunak on Sunday declared his candidature to contest the UK Prime Ministerial race after Liz Truss resigned as PM and left the country in a state of political turmoil.

The former Chancellor of the Exchequer of Indian descent confirmed the decision through his social media and said that he wants to fix Britain's economy which is in a major crisis at present.

In a tweet, Sunak tweeted and said, "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," Sunak wrote. UK PM Race: 'I Am Standing To Be British Prime Minister,' Says Rishi Sunak.

Sunak's announcement comes after Truss' resignation as Prime Minister on Thursday as the opposition reiterated its demand for a general election.

On Friday, Penny Mordaunt, the Tory leader in the House of Commons too threw her hat in the ring. "I've been encouraged by support from colleagues who want a fresh start, a united party and leadership in the national interest," Mordaunt tweeted.

Meanwhile, Boris Johnson also landed in Britain on Saturday from a Caribbean holiday to launch a formal bid for the Conservative Party leadership. Johnson was forced to step down on July 7 following a series of resignations of cabinet members, who protested against his scandal-plagued leadership. However, Johnson now expressed his willingness to enter the PM race, saying he is "up for it."

Tory MPs will vote on Monday, and two candidates will be put forward to the Tory leadership unless one backpedals from the race. The result will be announced on Friday, October 28.

Notably, Truss became the shortest-serving British PM after she stepped down just 45 days after she was elected as Britain's leader, stating that she recognizes she "cannot deliver the mandate" on which she was elected. Truss said she would step aside for a new leader to be chosen within the next week. Rishi Sunak Formally Declares Candidacy for UK PM, Says ‘ Wants To Fix Economy’.

In view of Truss' resignation, Labour Party leader Keir Starmer issued a scathing statement that ripped into the Conservative Party and called for a general election. "After 12 years of Tory failure the British people deserve so much better than this revolving door of chaos. We need a general election now," he said. The resignation of Truss was preceded by the sacking of UK Finance Minister Kwasi Kwarteng and the resignation of Home Secretary Suella Braverman.

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