Sajid Javid officially enters race to become Prime Minister

Mr Javid, who resigned as the government’s health minister last week as chancellor Rishi Sunak also announced he was quitting his cabinet post, has confirmed his bid to replace Boris Johnson.

He said on Twitter: “The next Conservative leader needs to be able to unite the party and win an election. The next Prime Minister needs integrity, experience, and a tax-cutting plan for economic growth. That's why I'm standing. Join @TeamSaj.”

The next Conservative leader needs to be able to unite the party and win an election.

The next Prime Minister needs integrity, experience, and a tax-cutting plan for economic growth.

That's why I'm standing. Join @TeamSaj

— Sajid Javid (@sajidjavid) July 10, 2022

Mr Javid has pledged to cancel the planned increase in corporation tax and reduce it further, if he succeeds in getting the top job.

It's time to go for growth 📈

This week, I'll be setting out my plans for the UK's future. Using all my cross-government experience, I have developed a new Conservative economic plan.

Tax cuts are a foundation of that plan. You can read more here 👇🏽https://t.co/xZhB0eDZGs pic.twitter.com/u396RepFDw

— Sajid Javid (@sajidjavid) July 10, 2022

The odds of Mr Javid becoming the next PM currently range from 14-1 to 20-1. Former chancellor Rishi Sunak is currently the favourite, followed by Penny Mordaunt.

Jeremy Hunt, who has previously served as health secretary, foreign secretary and culture secretary, is also running and has too promised to cancel the planned rise in corporation tax.

Foreign secretary Liz Truss, newly appointed chancellor Nadhim Zahawi and transport secretary Grant Shapps have also joined the race, along with former equalities minister Kemi Badenoch, Attorney General Suella Braverman and Tom Tugendhat who is chair of the Commons foreign affairs committee.