Former Chancellor Sunak Confirms Conservative Party Leadership Bid

Former Chancellor Rishi Sunak has confirmed that he is running in the Conservative Party leadership contest to succeed outgoing Prime Minister Boris Johnson.

• Sunak running for the leadership was widely anticipated, and he is viewed as one of the early frontrunners. He received widespread name recognition during the COVID-19 pandemic as the Treasury embarked on major spending packages to support the UK economy.
• However, media reports of Sunak's wife's non-domiciled tax status and his holding a US green card while Chancellor of the Exchequer were seen to have damaged Sunak's prospects of becoming leader, having for a period been seen as Johnson's heir apparent.
• Data from Smarkets gives Sunak an implied probability of 16.7% of winning the leadership contest according to betting markets, behind Defence Secretary Ben Wallace on 20.8%.
• Sunak joins what is likely to be a congested field of candidates vying for the top job, with Attorney General Suella Braverman and Chair of the Foreign Affairs Select Committee Tom Tugdenhat having publicly declared their intention to run.
• Meanwhile, Foreign Secretary Liz Truss, former Health Secretary Sajid Javid, Trade Minister Penny Mordaunt, former Foreign Secretary Jeremy Hunt, Chancellor Nadhim Zahawi, and hardline pro-Brexit MP Steve Baker are all seen to be seriously considering bids, among a host of other names.
• Sunak viewed as a more mainstream candidate for the leadership. At his time as the Treasury, following the largess of the pandemic period has been seen as more keen on fiscal responsibility and balancing the books than engaging in tax cuts.