Politics Why Boris Johnson Dropped Out of U.K.'s Prime Minister Race: It 'Would Simply Not Be the Right Thing to Do' "You can't govern effectively unless you have a united party in Parliament," Johnson said, paving the way for MP Rishi Sunak to become the next prime minister By Nicholas Rice Nicholas Rice Nicholas Rice is a Senior Editor for PEOPLE Magazine. He began working with the brand as an Editorial Intern in early 2020, before later transitioning to a freelance role, and then staff positions soon after. Nicholas writes and edits anywhere between 7 to 9 stories per day on average for PEOPLE, spanning across each vertical the brand covers. People Editorial Guidelines Published on October 24, 2022 09:27AM EDT Photo: Mark Cuthbert/UK Press via Getty Boris Johnson, the former prime minister of the United Kingdom, pulled out of the contest to become the next Conservative Party leader and return to his past role. Johnson, 58, said on Sunday that he had gained the backing of 102 colleagues, more than the 100 needed to appear on the ballot for the Conservative Party membership on Monday, but declined to run, saying, "This would simply not be the right thing to do," and noting, "You can't govern effectively unless you have a united party in Parliament," according to the PA Media news agency. His removal from the race left former Chancellor Rishi Sunak as the top pick to become Britain's next prime minister — the third this year — after Johnson was ousted in July and Liz Truss quit last week. What Happened with Liz Truss: A Timeline of Her 6 Weeks as U.K. Prime Minister The contest marked Sunak's second attempt at the Conservative Party position this year. He previously attempted to become the leader during the summer, following the resignation of Johnson, but lost to Truss, 47. After Sunak's final remaining challenger dropped out of the leadership contest on Monday, Sunak, 42, formally became the new leader of the Conservative Party, becoming the first British Asian prime minister — and first premier of Hindu faith. Rishi Sunak. Dan Kitwood/Getty Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. Sunak announced on Sunday morning that he would be partaking in the contest with a statement on Twitter. "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," the politician wrote. "The challenges we face now are even greater. But the opportunities — if we make the right choice — are phenomenal," he continued. "I have the track record of delivery, a clear plan to fix the biggest problems we face." Added Sunak: "There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done." Want to get the biggest stories from PEOPLE every weekday? Subscribe to our new podcast, PEOPLE Every Day, to get the essential celebrity, entertainment and human interest news stories Monday through Friday. Sunak also tweeted his thanks to Johnson after the politician announced he would not seek to become the next Conservative Party leader. "Boris Johnson delivered Brexit and the great vaccine roll-out," he said. "He led our country through some of the toughest challenges we have ever faced, and then took on Putin and his barbaric war in Ukraine." "We will always be grateful to him for that," Sunak continued, then noting, "Although he has decided not to run for PM again, I truly hope he continues to contribute to public life at home and abroad." RELATED VIDEO: U.K. Prime Minister Liz Truss Announces Resignation 45 Days into Premiership Truss' resignation last week came one day after she claimed she was "a fighter and not a quitter." She was selected to take on the role in September, two months after former Prime Minister Johnson agreed to step down. While her time in office was short-lived, Truss became the third woman to take on the role of PM, behind Margaret Thatcher (1979–1990) and Theresa May (2016–2019), after she won 57% of the votes of Conservative Party members. Brits Wanted to Know if Liz Truss Would Outlast a Head of Lettuce. She Didn't Truss, who announced her resignation just 45 days into her premiership, is also eligible to receive up to $129,000 USD a year for the rest of her life. The taxpayer-funded allowance, otherwise known as the Public Duty Costs Allowance, was introduced by the government in 1991 to reimburse staff and salary costs incurred by former prime ministers "arising from their special position in public life." It comes after they leave office, does not support their private or parliamentary duties, and first took effect after Thatcher's resignation, per the BBC. Former PMs John Major, Tony Blair, Gordon Brown, David Cameron and May, 66, all claimed the allowance, but politicians have urged Truss to be denied the payment, or to turn it down, given her short stay in office. Truss' resignation last week made her the shortest-serving prime minister in the nation's history.