Former UK PM Boris Johnson pulls out of leadership race to replace Liz Truss

Johnson previously enjoyed high levels of popularity until losing credibility in the final months of his premiership.

Boris Johnson won't be taking part in the contest to become the new leader of the U.K.

Despite being ousted from office just three months ago, some Conservative MPs still supported Johnson for the top job, and he told his allies over the last couple of days that he would join the contest.

Johnson said it was not the right time. He said he had cleared a high hurdle to take part in the final stages. There were questions over how many nominations the ex-PM got.

In his statement, Johnson mentioned that he had two competitors in the contest.

We have not been able to work out a way of coming together in the national interest because I have not been able to reach out to both of them.

Sunak, a former finance minister, is currently the favorite to become the next British leader.

On Saturday, Johnson flew back from a vacation in the Caribbean with a lot of attention on him. Many Conservative MPs are against Johnson returning, but he is still popular in the grassroots of the party.

Nadine Dorries, a close Johnson ally, said on Thursday that he was the only MP with a mandate from party members and the public.

I think there is a good chance that I will be successful in the election with Conservative Party members, and that I will be able to return to the Prime Minister's office on Friday. In the course of the last few days, I have come to the conclusion that this would not be a good idea. It is not possible to govern effectively if you do not have a united party in parliament.

Johnson lost his credibility in the final months of his tenure as a result of the political scandal around Covid-19 rule-breaking and his links to disgraced MPs.

He referred to a return to office with the words "Hasta la vista, baby" or "see you later".

The British Prime Minister resigned Thursday, ending a 44-day tenure that was marked by political infighting and mini-budget chaos.

The next Conservative Party leader will be decided by a short list of candidates. The process has been fast-tracked into the space of a week, as the party tries to save its reputation.

Candidates have less than two hours to make a decision. The ballot for the party leader will be held on Monday in London.

The party is made up of 358 MPs and each can only vote for one candidate. The number of possibilities is limited to three.

The winner of the race will become Britain's next prime minister. There will be indicative ballots on Monday afternoon and evening if more than two candidates get 100 nominations.

If the process goes on past Monday, Conservative Party members will have until Friday 11 a.m. to cast their votes for their preferred candidate in an online ballot.