Britain waits for a new PM as Johnson drops out of race

RISHI SUNAK

Britain's former finance minister is the front-runner to replace Truss, who lasted just 45 days in office before announcing her pending resignation.

Sunak was the most popular candidate among Conservative MPs before being beaten by Truss in a vote last month by some 170,000 party members to decide the next leader.

Many party members were angry that Sunak quit as finance minister in July, helping to trigger a rebellion that eventually brought down Johnson. They also ignored his warning that markets could lose confidence in Britain if Truss delivered her unfunded tax cuts.

Betting exchange Betfair puts Sunak as the favourite to replace Truss, but lawmakers who remain loyal to Johnson would likely oppose that move.

PENNY MORDAUNT

A former defence minister and passionate supporter of leaving the EU, Mordaunt only just missed out on the final two-place run-off in the recent leadership challenge.

Mordaunt won plaudits for her performance in parliament last Monday, when she defended Truss’s government even as it reversed most of its policies.

One lawmaker described Mordaunt as having "broad appeal", referring to her ability to find friends in the various tribes of the party.

Reuters