On Thursday, UK Finance Minister Jeremy Hunt reflected that he won't stand for the leadership of the Conservative Party after the resignation of Liz Truss.
He previously stated In an interview with the BBC, on Sunday, that he had no ambition to run for a third time as a leader for the Tory.
“I think having run two leadership campaigns and, by the way, failed in both of them, the desire to be leader has been clinically excised from me.”
It is expected that the new Finance Minister will represent his fiscal plan on 31 October, according to BBC reports.
Hunt was appointed to be the kingdom's fourth Finance Minister in four months last Friday.
Until now, the names of former minister Rishi Sunak, defence minister Ben Wallace, Penny Mordaunt and Suella Braverman, who resigned as Home Secretary, are expected to run for the party's leadership.
However, Sunak and Mordaunt could be the most fortunate names in the rally.
Experts believe that the presence of Sunak and Hunt would help in calming the chaotic performance of the markets.
Leading market analyst Chris Beauchamp said: "An initial bounce in the pound has begun to fade, as the implications of yet another period of uncertainty sink in. But given how quick the change is expected, and with the chancellor likely to stay in place, we should expect market tensions to calm."
He added: "In all likelihood Rishi is ready to step in, and with Hunt in alignment with him we can expect a very different approach, but one more likely to please markets."
The Tory Committee will choose the new leader next Friday.
Graham Brady said: "I have spoken to the party chairman Jake Berry and he has confirmed that it will be possible to conduct a ballot and conclude a leadership election by Friday, 28 October."
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