Former UK Finance Minister Rishi Sunak looks set to become the next UK Prime Minister this afternoon.
Sunak could be confirmed as the next Conservative Party leader and UK Prime Minister as early as 2pm today. At that point, candidates must have gotten at least 100 nominations from Conservative lawmakers to run as party leader.
Former Prime Minister Boris Johnson was Sunak’s biggest competitor, but he announced his retirement from the race this Sunday.
The only remaining contender for the leadership position is Penny Mordaunt, a former defense minister.
Should both Sunak and Mordaunt receive more than 100 supporters and no one decides to withdraw, Conservative Party members will vote for their new leader, which will be announced on Friday.
According to Sky News, Sunak has at least 150 public supporters, while Mordaunt has about 23, with 357 lawmakers eligible to vote.
It is unclear how many Conservative lawmakers who supported Johnson will now move to support Sunak or Mordaunt.
Gilt yields are down, the 10-year down 4.3% or 21 basis points to 3.8%. Sterling strengthened against the US dollar (+ 0.18%) at 1.1318.