Indian-origin MP Rishi Sunak is likely to be the next British Prime Minister as Boris Johnson withdrew from the contest on Sunday saying that although he had enough support to make the final ballot he realised the country and the Conservative Party needed unity.

If Penny Mordaunt fails to secure the support of 100 MPs by October 24, Rishi Sunak may end up becoming the country's new prime minister today itself. While 142 members of parliament have already endorsed Sunak, 29 MPs are presently behind Mordaunt.

If Mordaunt is unable to get the support of 100 MPs by October 24 at 2 PM local time (6:30 PM in India) then Rishi Sunak would be the next PM of the UK.

In a tweet, Sunak tweeted and said, "The United Kingdom is a great country, but we face a profound economic crisis. That's why I am standing to be Leader of the Conservative Party and your next Prime Minister."

"I want to fix our economy, unite our Party and deliver for our country," Sunak wrote. Sunak's announcement comes after Liz Truss' resignation as Prime Minister on Thursday stating she couldn't carry out the terms of her election. Her tenure lasted for 45 days.

Former British finance minister Sajid Javid endorsed Rishi Sunak to be the next leader of the Conservative Party and the country's next prime minister. "It is abundantly clear that Rishi Sunak has what it takes to match the challenges we face - he is the right person to lead our party and take the country forward," Javid said in a post on Twitter.