Tory leadership Race: Rishi Sunak" I'm standing to become British PM"

     photo:REUTERS/Maja Smiejkowska

Britain's former finance minister Rishi Sunak confirmed on Sunday he was standing to replace Liz Truss as prime minister.

"The United Kingdom is a great country but we face a profound economic crisis," he said on Twitter.

"That's why I am standing to be leader of the Conservative Party and your next prime minister."

Sunak was defeated by Truss in the race to replace Boris Johnson in September after losing an election held by members of the Conservative party across the country.

Prior to making his announcement on Sunday, Sunak had already earned more backing from Conservative legislators than his competitors, Johnson and former defence minister Penny Mordaunt.

In July, Sunak left Johnson's administration, which helped spark a rebellion that forced Johnson to relent.

In a statement, he promised that "ethics, professionalism, and accountability will be present at every level of the administration I lead and I will work day in and day out to get the job done."

"I am asking you for the opportunity to help fix our problems."