“The United Kingdom is a wonderful country, but we are in the grip of a severe economic crisis.” That is why I am standing to be the Conservative Party’s Leader and your next Prime Minister,” the former finance minister said in a statement released on Sunday, setting up a potentially contentious battle with his former boss Boris Johnson. “I want to fix our economy, unite our Party, and deliver for our country,” he said a day after announcing his intention to run for president. Johnson has not officially declared his intention to run for prime minister, according to reports. According to British media, he met with Sunak late on Saturday, shortly after returning to London from a Caribbean vacation. Penny Mordaunt, leader of the House of Commons and former defence minister, is the only other candidate who has formally declared her candidacy. It would be her second bid for the party’s leadership after losing to Truss in 2008. To be considered for the Conservative Party leadership, each potential candidate must secure the support of at least 100 Conservative MPs by Monday at 13:00 GMT. Sunak has the support of 140 Conservative MPs, Johnson has 75, and Mordaunt has 27 according to the political website Guido Fawkes, which keeps a running spreadsheet of Conservative MPs’ declared support.