Rishi Sunak has reportedly become the 'first Conservative party leadership candidate to secure the backing of 100 MPs'.
On Friday night, the former chancellor's supporters said he had amassed the necessary numbers to reach the threshold way ahead of the deadline for the ballot for the new leader on Monday. He is likely to find himself up against either former Prime Minister Boris Johnson or the Leader of the House Penny Mordaunt when the vote is narrowed down to two candidates by MPs.
The wider party membership will then vote, unless Tory party politicians unify behind one person. Mr Johnson, who told allies he is 'up for' the job following Liz Truss' dramatic resignation, is believed to be lagging behind Mr Sunak, as is Ms Mordaunt who became the first to confirm her candidacy.
READ MORE: Who will be the next prime minister? Latest odds tracker
As it stands, Mr Sunak, who came second against Ms Truss in the last race six weeks ago, has around 82 public declarations, far ahead Mr Johnson’s 48, while Ms Mordaunt struggles on 18. But a source told the PA news agency Mr Sunak had won the backing of 100 colleagues to make it to the next stage.
Mr Johnson was flying back from his holiday in the Dominican Republic last night to enter the race and attempt an extraordinary comeback. Sky News photographed the ex-PM and his wife Carrie Johnson on an overnight British Airways flight back from the Dominican Republic with their children and said the MP received 'one or two boos' as he boarded.
There is speculation among backers of the old Downing Street neighbours that they could strike a deal to stand together, but this would need them both to bury a lot of rancour. Mr Johnson has so far won the support of six Cabinet ministers: Ben Wallace, Jacob Rees-Mogg, Simon Clarke, Chris Heaton-Harris, Alok Sharma and Anne-Marie Trevelyan.
Mr Rees-Mogg said Tory party members should decide who is the next leader rather than MPs, telling the Daily Telegraph’s Chopper’s Politics podcast that returning Mr Johnson to No 10 would calm the stock markets. The Business Secretary said Mr Johnson’s reinstalment would provide financial stability because it would mean the general election would not need to be held until late 2024.
Mr Rees-Mogg added: "I’m always in favour of the members deciding the leadership – I think that’s the right place for it to go. And I think the 1922 Committee and the Board of the Tory Party have done really well to get it to a position where that can be done swiftly. I’m in favour of it going to the membership."
He went on to say that it was 'an error' for Tory MPs to dump Mr Johnson, adding: "Boris Johnson’s attraction is that he is a big, charismatic political figure who is able to get things done and who is able to connect with voters in a way that no other politician of this era can."
Mr Rees-Mogg’s market prediction was contrary to that of some economists, with the head of currency strategy at Rabobank, Jane Foley, telling the Financial Times Mr Johnson’s time in office had been characterised by 'a lack of leadership from a government very distracted by one scandal after another', and 'the chance that that could come back is not going to be welcomed by markets'.
Analysts at Berenberg Bank said there were greater market risks from a Johnson government, with FT reporting the bank told its clients: "Given that a majority of Conservative MPs probably do not want Johnson as their leader, the prospects of mass resignations and a further descent into chaos would loom large."
Candidates have until 2pm on Monday to secure the 100 nominations, limiting the ballot to a maximum of three candidates.
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