Former Finance Min. Sunak Enters Race for UK PM

On Sunday, UK's former Finance Minister Rishi Sunak announced his candidacy to replace Liz Truss as prime minister.

"The United Kingdom is a great country but we face a profound economic crisis," he wrote on Twitter.

"That's why I am standing to be the leader of the Conservative Party and your next prime minister."

This is the 42-year-old's second bid for prime minister in a matter of months. Sunak was defeated by Truss in a party leadership vote in September following the downfall of former Prime Minister Boris Johnson.

This time around, Sunak appears to have more partisan support than his rivals - former Defense Secretary Penny Mordaunt and Johnson. Mordaunt announced her candidacy on Friday. Johnson has not confirmed that he intends to run, but he is said to be lobbying party members to support them.

The leadership race follows Truss' decision to step down on Thursday after just 45 days in office.

The Conservative Party is running a fast-paced competition to finalize a new prime minister within a week.