Rishi Sunak formally declares his candidacy to be elected new UK PM, and says he wants to fix the economy and deliver for the country. The United Kingdom is a great country but we face a profound economic crisis,". Sunak tweeted. 

Sunak says he can "fix our economy, unite our party and deliver for our country", and that although "the challenges we face now are even greater" than those posed by the pandemic, "the opportunities - if we make the right choice - are phenomenal,” the BBC reported.

Boris Johnson and Rishi Sunak-- two of the candidates in the race to be the UK's next PM, held talks late into the night on Saturday. Sunak has amassed the support of over 100 MPs so far. Johnson is yet to officially announce his candidature. The other lawmaker who announced their candidature is Penny Mordaunt. 

"Rishi had the right plan in the summer and I think it is the right plan now," former deputy prime minister Dominic Raab told the BBC.  "We cannot go backwards. We cannot have another episode of the Groundhog day, of the soap opera, of partygate. We must get the country and the government moving forward," he added. 

This is a developing story.

--With PTI inputs

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