Rishi Sunak leads UK PM race, crosses '100 MP threshold': Reports

Rishi Sunak appears to be the frontrunner in the race for the next British prime minister. Sunak, a former finance minister, has crossed the minimum threshold of 100 MPs needed to go through in the race.

Though Sunak is yet to make an official statement about his candidacy, The Independent, quoting campaign sources, reported that Sunak has become the first Tory contender to have the backing of 100 MPs.

Former prime minister Boris Johnson, who is rushing back to London from his holiday in the Dominican Republic, is closing in with the support of nearly 70 supporters, according to reports.

House of Commons leader Penny Mordaunt was the first to officially launch her leadership bid. Mordaunt said she was running for "a fresh start, a united party and leadership in the national interest".

According to an Opinium poll, UK voters would pick Sunak or Mordaunt above Johnson as the next prime minister. Sunak was the runner-up in the last contest, just six weeks ago, which saw Liz Truss taking over as PM.

Truss, plagued by criticism over the economic policies she announced, stepped down on October 20.

Her proposal for aggressive tax cuts pummelled the value of the pound.

Sunak had repeatedly warned Conservatives that Truss' tax-cutting plans would be disastrous as proved to be the case.