Former Chancellor Osborne: Sunak will be PM by end of the day

George Osborne, who was chancellor during the David Cameron years, doesn’t have much expectation of Penny Mordaunt persuading 100 backers and taking this to a vote of Tory members…

Further, Mr Osborne thinks Ms Mordaunt should stand aside this morning.

He said: “Penny Mordaunt should drop out this AM.

“She can’t command the support of a majority of MPs.

“An uncontested election of Rishi Sunak today would reinforce the return of market credibility and show the Tories have rediscovered a will to win.

“She should then be part of his top team.”

Mr Osborne said that Mr Johnson’s decision to not run in the campaign was a “very welcome and sensible judgment”.