Former U.K. Prime Minister Boris Johnson on Sunday dropped out of the race to replace Liz Truss in the office.
Johnson was ousted as prime minister and leader of the Conservative Party in early September following a mass resignation among his government.
Truss resigned Thursday after just six weeks on the job, after slashing taxes as part of an economic agenda that sent markets spiraling.
On Monday, former Finance Minister Rishi Sunak won the race to be the next prime minister after Leader of the House of Commons Penny Mordaunt also dropped out.
Sunak, 42, placed second to Truss in the leadership race in September. He will be officially appointed by King Charles III in the coming days.
