Defense Secretary Ben Wallace was the favorite among the Tory base, with a net approval rating of +86 among party members according to the ConservativeHome website. He was also favorite at several betting odds. But on Saturday in a surprise announcement he said he would not stand after “careful consideration” with his family and colleagues. “It was not an easy choice to make, but my focus is on my current job and keeping this great country safe,” he said. “I wish all the candidates the best of luck and hope we can quickly get back to focusing on the issues we were all elected to address.” Wallace’s strong position among party members is likely to make his support eagerly sought by other contenders. New Chancellor Nadhim Zahawi threw his hat into the ring on Saturday, saying he wanted to “steady the ship and stabilize the economy,” according to Sky News. Transport secretary Grant Shapps also announced he was standing and sought to rally MPs who remain loyal to the outgoing prime minister. He told the Sunday Times that “I like Boris Johnson”. “It’s easy to criticize Boris after you’ve had your head down for years while you’re happy to benefit from his patronage. I’m glad I didn’t do that,” he said. Former chancellor Rishi Sunak launched his bid for the leadership on Friday with a video in which he pledged to end “comfort tales” – a coded attack on Johnson’s time as prime minister. Foreign Secretary Liz Truss will launch her campaign in the coming days, according to people familiar with her plans.

He is expected to seek to differentiate himself from Sunak on the economy, promising tax cuts and supply-side reform. A Truss ally said: “She’s certainly not the candidate for continuity in the economy.” He will support “a clear vision for the economy based on conservative principles,” another ally said. As well as arguing for deregulation, Truss will focus on regulatory divergence from the EU. Her speech to Tory MPs will argue that she can hold Johnson’s electoral coalition together in all parts of England. One supporter claimed that “no other candidate” can hold both the so-called “red wall” of ex-Labour and the “blue wall” of suburban seats the Tories are at risk of losing to the Lib Dems. Kemi Badenoch, the former equality minister, announced her leadership bid on Saturday. In one of her articles, she presented a platform of libertarian ideals and state reform. “I want to tell the truth, it is the truth that will set us free,” he wrote. Tom Tugendhat, chairman of the House of Commons foreign affairs select committee, and Suella Braverman, attorney general, have both already said they will run. Steve Baker, a former Conservative minister and powerful voice among supporters, said earlier this week he was considering a leadership bid. But on Saturday he announced he would not stand and threw his support behind Braverman. He told Sky News she had a “meticulous grasp of detail” and a “great spirit of determination”. The competition will be held in two stages. In the first, Conservative MPs will whittle down a long list of candidates to just two. A campaign will follow among the party’s 100,000 members, who will decide the next leader. Senior MPs on the 1922 committee’s executive committee said there was a desire to complete the parliamentary element of the two-stage contest before parliament adjourned for its summer recess on July 21.