Read Rishi Sunak's statement in full as he declares run for PM

Rishi Sunak has announced that he will be standing in the race to be elected leader of the Conservative party and the new Prime Minister.

Read his statement in full below:

"The United Kingdom is a great country but we face a profound economic crisis.

"The choice our Party makes now will decide whether the next generation of British people will have more opportunities than the last.

"That's why I am standing to be your new Prime Minister and Leader of the Conservative Party. I want to fix our economy, unite our Party and deliver for our country.

"I served as your Chancellor, helping to steer our economy through the toughest of times.

"The challenges we face now are even greater. But the opportunities - if we make the right choice - are phenomenal.

"I have the track record of delivery, a clear plan to fix the biggest problems we face and I will deliver on the promise of the 2019 manifesto.

"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.

"I am asking you for the opportunity to help fix our problems. To lead our Party and country forward towards the next General Election, confident in our record, firm in our convictions and ready to lead again."

Rishi Sunak MP