Boris Johnson has pulled out of the Conservative leadership race.
Mr Johnson had the public backing of 59 Tory MPs but had to reach 100 to proceed in the race.
The former prime minister will not stand for the Tory leadership and said that due to the failure to reach a deal with Rishi Sunak and Penny Mordaunt.
He is saying that despite having the support of the MPs required to run, he had come to the conclusion “this would simply not be the right thing to do” as “you can’t govern effectively unless you have a united party in Parliament”.
“I believe I have much to offer but I am afraid that this is simply not the right time,” he added.
He says he is “well placed” to deliver a victory in the 2024 general election.
In his statement outlining his reasons behind the decision, he further writes: “Tonight I can confirm that I have cleared the very high hurdle of 102 nominations, including a proposer and a seconder, and I could put my nomination in tomorrow”.
The former PM adds: “There is a very good chance that I would be successful in the election with Conservative Party members – and that I could indeed be back in Downing Street on Friday.
“But in the course of the last days I have sadly come to the conclusion that this would simply not be the right thing to do. You can’t govern effectively unless you have a united party in parliament.”