Rishi Sunak announces bid to be next Prime Minister and Conservative leader

The former Chancellor entered the race on Friday afternoon with a video message posted on Twitter, and a call to “restore trust, rebuild the economy and reunite the country.”

Mr Sunak was assumed likely by many to throw his hat in the ring for the contest, triggered by Boris Johnson’s resignation announcement yesterday .

He said he wants to “lead the country in the right direction” through the “huge challenges” of the moment.

In the video posted on his Twitter page, Mr Sunak said: “Family is everything to me.

“My family gave me opportunities they could only dream of. But it was Britain, our country, that gave them and millions like them the chance of a better future.

“I got into politics because I want everyone in this country to have those same opportunities, to be able to give their children a better future.

“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 a chance of a better future.

“Do we confront this moment with honesty, seriousness and determination?

“Or do we tell ourselves comforting fairytales that might make us feel better in the moment, but will leave our children worse off tomorrow?

“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.

“I want to lead this country in the right direction. “

A number of MPs were quick to throw their support behind Mr Sunak, including a number of Yorkshire figures.

Speaking to the Yorkshire Post, Thirsk and Malton MP Kevin Hollinrake said: “I’ve been pretty clear that Rishi is my neighbour, my friend - and I think he’s a formidable candidate for leadership.

“I always felt that if one day he threw his hat in the ring, I’d always support him.

“Rishi to me stands head and shoulders above people who have put their hat in the ring.”

Meanwhile, North Yorkshire County Council leader Carl Les who previously called for Boris Johnson's resignation, said he was keeping an "open mind" but he had "always been impressed with Rishi Sunak - partly because he is my MP so I see a fair bit of him.

"He's always been a very good constituency MP following on from another good constituency MP, William Hague," Mr Les added.

"I've been impressed with his command of detail and high ethos of public service.

"I will keep an open mind because I need to know who else is standing - but I've worked with him for a number of years, he's an excellent MP and was a very successful minister especially in local government terms. He will have my support."