In the last few days I have been overwhelmed by the number of people who suggested that I should once again contest the Conservative Party leadership, both among the public and among friends and colleagues in Parliament. I have been attracted because I led our party into a massive election victory less than three years ago - and I believe I am therefore uniquely placed to avert a general election now.A general election would be a further disastrous distraction just when the Government must focus on the economic pressures faced by families across the country. I believe I am well placed to deliver a Conservative victory in 2024 - and tonight I can confirm that I have cleared the very high hurdle of 102 nominations, including a proposer and a seconder, and I could put my nomination in tomorrow.
There is a very good chance that I would be successful in the election with Conservative Party members - and that I could indeed be back in Downing Street on Friday. But in the course of the last days I have sadly come to the conclusion that this would simply not be the right thing to do. You can't govern effectively unless you have a united party in parliament.
And though I have reached out to both Rishi (Sunak) and Penny (Mordaunt) - because I hoped that we could come together in the national interest - we have sadly not been able to work out a way of doing this. Therefore I am afraid the best thing is that I do not allow my nomination to go forward and commit my support to whoever succeeds. "I believe I have much to offer but I am afraid that this is simply not the right time."
Boris Johnson says he will not run in Tory leadership race
Boris Johnson says he was attracted by the prospect of returning to No 10, but has decided it is not the right thing to do.
He says he is the person best placed to avert a general election and has "cleared the high hurdle" of nominations, with 102 supporters
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He reached out to Sunak and Mordaunt "to come together in the national interest", he says, but they did not reach agreement
Earlier former Chancellor Rishi Sunak confirmed he is in the race to be the next Conservative leader, saying he wants to "fix our economy"
Before Johnson's announcement, the BBC's tally of public declarations of support had 146 MPs for Sunak, 57 for Johnson and 24 for Penny Mordaunt
These numbers will change, as MPs switch allegiance in the coming hours
Penny Mordaunt told Sunday with Laura Kuenssberg she regrets Liz Truss's mini-budget and would keep Jeremy Hunt as chancellor
Labour leader Sir Keir Starmer reiterates his call for a general election, adding "any incoming government will have to pick up the mess".
Boris Johnson's statement in full
And here is the former PM's statement in full - he claims to have reached 102 backers although only 57 MPs had publicly declared their support for him.
more to follow…