RISHI Sunak is expected to formally enter the race to be PM today with a promise to fix Britain’s broken economy.
The former Chancellor is storming ahead in the contest with the backing of 121 Tory MPs — easily enough to land him a spot in the final.
In a major coup for Mr Sunak, he bagged the endorsements of three party big beasts covering all major party factions.
Tory big hitters Kemi Badenoch, Lord David Frost and David Davis all weighed in behind Rishi yesterday afternoon.
After a turbulent six weeks that saw the markets nosedive and debt balloon, Mr Sunak will pitch himself as a safe pair of hands to rebuild the economy.
If he does manage to clinch victory in the contest, it would mark a sensational turnaround for the MP for Richmond, North Yorks.
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Just six short weeks ago he lost the Tory leadership race to Liz Truss.
He was savaged Tory MPs for being too gloomy after he warned that Liz’s promises of monster tax cuts would tank the economy and send mortgage costs soaring.
And voters railed against his mega wealth – his wife is a billionaire who is richer than the King.
But Mr Sunak’s economic warnings have all been proven right.
Last night, he was buoyed by the three Tory heavyweights adding their names to the growing chorus calling for his premiership.
Ms Badenoch, a Tory rising star who also stood in the last leadership race, said Mr Sunak is the only candidate who can unite the party — and compared him to Margaret Thatcher.
She said: “I’m backing Rishi not because he would be the country’s first ethnic minority Prime Minister, but because he would be a great leader during a time of crisis and difficulty.
“I believe he understands the necessity for unity and bringing others along on the journey before making difficult decisions, just like Mrs Thatcher did.”
Ms Badenoch is hugely popular with the right of the party.
Lord David Frost — who used to be Boris Johnson’s Brexit enforcer and is a close friend — also called for Mr Sunak to be installed at No10.
He said: “Boris Johnson will always be a hero for delivering Brexit. But we must move on.
“It is simply not right to risk repeating the chaos and confusion of the last year. The Tory Party must get behind a capable leader who can deliver a Conservative programme. That is Rishi Sunak.”
And Tory grandee David Davis – who backed Penny Mordaunt last time – also gave his support to Rishi.
He said: “What is also clear is that electing Rishi will stabilise the markets whereas Boris would destabilise them.
“No amount of showmanship and charm will make up for costlier mortgages and dearer food.”
Mr Davis urged Rishi to appoint a unity Cabinet to heal the divided Tory Party, with Ben Wallace staying as Defence Secretary and Jeremy Hunt in as Chancellor.
Mr Davis is understood to have done a deal to back Rishi over lunch in Parliament on Tuesday afternoon.
As Ms Truss’s premiership collapsed, the two men are said to have struck an accord over baked salmon in the members’ dining room.
Throughout the summer’s leadership election race, Mr Sunak was plagued by accusations he stabbed Mr Johnson in the back with his resignation as Chancellor.
His letter — delivered moments after ally Sajid Javid also quit — triggered a wave of around 60 ministerial resignations, giving Boris no option but to stand down as PM.
But over the past five days, Mr Sunak has been on a charm offensive of Tory MPs. Holed up in his parliamentary office in the House of Commons, he has been having them in for cups of tea and chats to lure them onto his side.
One said: “He was pitching himself as the unity candidate.”
Yesterday, Mr Sunak also won the backing of ex-Cabinet minister Steve Barclay, who tweeted: “I’m backing Rishi Sunak to be leader of the Conservative Party and Prime Minister. Our country faces significant economic challenges and he is best placed to address this.”
And Ms Badenoch suggested Mr Johnson should step aside for the sake of the nation and the party.
She tweeted: “The party needs a unifying figure to do what’s right for the UK. At this moment, I believe that person is Rishi. I’m a fan of Boris but his return, given all that’s happened, would not bring people together. We all need to set aside our differences and work for the greater good.”
Mr Sunak was urged by cabinet big beasts to ditch MPs who have been “engaged in the dark arts.”
Defence Sec Ben Wallace, who still “leans” towards Boris, told the Sunday Times that Rishi allies like Gavin Williamson and Julian Smith should not be handed top jobs.
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Mr Wallace said: “Rishi has to jettison some of the people around him who have been engaged in the dark arts and destabilising the government, such as Gavin Williamson and Julian Smith. MPs do not want to see them rewarded.”
Late last night, senior Tories said it looked like Mr Sunak had the momentum to win the race. One said: “It feels like Rishi now.”
WE stand at a crossroads at the bottom of a mighty large mountain.
Those of us lucky enough to be Conservative Members of Parliament must now select a new leader who will help us start to tackle that climb.
It is more important than ever to look to the country and assess with brutal honesty who is best among us to lead in this pivotal moment.
For me that choice is obvious.
The largest problem we face as a nation is economic. Households are facing petrifying bills this winter.
If you are on a fixed income, like the woman pensioner in the queue at my local supermarket yesterday handing over her pre-pay electricity key to be refilled, little else is more important.
We must calm the markets, get the costs of borrowing down and bring stability to people’s lives.
Rishi Sunak is head and shoulders above any of us on the economy.
He’s already steered us through Covid and has an impressive pedigree from before politics.
And I know he has the values and ethos to make the right choices when faced with difficult choices this winter.
I was one of Boris Johnson’s first backers.
He remains my friend and I love him to bits.
But it is neither in the national interest, nor in his personal interest, for him to return as Prime Minister at this time.
The pain as we came out of Covid, his chaotic administration — I just can’t put my constituents through it all again.
Boris has extraordinary talent — he did more for veterans than any of his predecessors and he finally honoured the Sun’s veteran’s pledge.
But now is the time for calm, competent, professional leadership as we start to win back the confidence of the people.
Rishi brings a calm authority and unmatched competence. Colleagues must face reality. And put the nation first.
