Sunak, who lost in the leadership election to Liz Truss earlier this summer, said he wants to “fix our economy, unite our party and deliver for our country”, The Guardian reported.
He joins Penny Mordaunt as the second candidate to officially enter the race. Boris Johnson, who met with Sunak last night, is yet to announce he will stand.
In his statement, posted on Twitter, Sunak said: “The choice our party makes now will decide whether the next generation of British people will have more opportunities than the last.
“That’s why I am standing to be your next prime minister and leader of the Conservative Party. I want to fix our economy, unite our country and deliver for our country. I served as your chancellor, helping to steer our economy through the toughest of times. The challenges we face now are even greater. But the opportunities – if we make the right choice – are phenomenal,” he said.
RHM/PR