BORIS JOHNSON ENDS UK PM COMEBACK AID; RISHI SUNAK EMERGES AS FAVOURITE

Boris Johnson withdrew from the contest on Sunday, stating that while he had enough support to advance to the ballot, he knew the country and the Conservative Party needed unity. Rishi Sunak seems destined to become Britain's next prime minister.

After returning from vacation in the Caribbean, Johnson hurried home to try to win the support of 100 lawmakers so that he could run in Monday's election to succeed Liz Truss, who took over for him in September after he was forced to step down due to a series of scandals.

He said he had 102 lawmakers' support and could have been "back in Downing Street," but he was unable to convince either Sunak or the other candidate, Penny Mordaunt, to cooperate "in the national interest."

“I believe I have much to offer but I am afraid that this is simply not the right time,” Boris Johnson said late on Sunday.

By Sunday, the former prime minister had won the public support of fewer than 60 Conservative lawmakers, which is significantly less than Sunak's over 150 endorsements.

In early Asian trading, the sterling gained more than half a penny against the dollar.

Sunak, a 42-year-old former finance minister and Johnson's bitter rival, is now set to be appointed prime minister, maybe as soon as Monday. If approved, he would take over for Truss, who was forced to step down after implementing an economic plan that caused havoc on the financial markets.

If only one candidate wins the endorsement of 100 Conservative legislators on Monday, the prime minister will be chosen in accordance with the rules.

A vote of the party membership will be held if two candidates pass the threshold. The winning candidate will be announced on Friday, just a few days before Jeremy Hunt, the nation's new finance minister, releases his budget proposal on October 31.

This led to concerns that Johnson would recapture Downing Street with party support rather than a majority of lawmakers, further fracturing the party. Hunt formally endorsed Sunak late on Sunday.

Some Boris Johnson backers might have shifted to Mordaunt, who has run as the unity candidate, but many did so right away. The former defence minister will remain in the race, according to a source close to the Mordaunt campaign.

“She is the unifying candidate who is most likely to keep the wings of the Conservative Party together,” the source said.