Former health secretary Jeremy Hunt will not run to replace Liz Truss following her resignation as Prime Minister.
Ms Truss announced her resignation this afternoon, confirming there will be a new leader in post by next week.
The BBC has reported that Mr Hunt, currently serving as the Chancellor of the Exchequer, will not stand to be the next Conservative leader.
The leadership election will be held exclusively among Conservative MPs, with a new Prime Minister expected to take office by Friday 28 October: just three days before Mr Hunt is expected to deliver the autumn budget.
In a statement read outside Downing Street, Ms Truss said: ‘I recognise, though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.’
She also said: ‘I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.
‘This morning, I met the chairman of the 1922 committee, Sir Graham Brady. We’ve agreed that there will be a leadership election to be completed within the next week.’
Opposing parties have called for a general election.
Labour leader Kier Starmer said: ‘The British public deserve a proper say on the country’s future. They must have the chance to compare the Tories’ chaos with Labour’s plans to sort out their mess, grow the economy for working people and rebuild the country for a fairer, greener future. We must have a chance at a fresh start. We need a general election – now.’
The Times has reported that Boris Johnson is expected to stand in the Tory leadership contest.
In the immediate aftermath following Truss’ resignation, BBC reporters suggested Rishi Sunak or Penny Mordaunt might run for leader.