Former UK finance minister Sunak bids to replace PM Johnson

Former British finance minister Rishi Sunak said on Friday he was running to replace Boris Johnson after Johnson announced the previous day that he would stand down as prime minister .

"Someone has to grip this moment and make the right decisions. That's why I'm standing to be the next leader of the Conservative Party and your prime minister," Sunak said in a campaign video released on Twitter.

Sunak quit as finance minister on Tuesday, one of two unexpected resignations that set in motion a chain of events that led to Johnson's decision to step down.

The rules and timetable for the contest to replace Johnson are due to be set out next week by a party committee.

Sunak said in his resignation letter it had become clear that his approach to the economy had been too different to Johnson's, as the two had tried to agree on the next steps for the country.

He continued on that theme in his candidacy announcement video.

"The decisions we make today will decide whether the next generation of British people will also have the chance of a better future," he said.

"Do we confront this moment with honesty, seriousness and determination? Or do we tell ourselves comforting fairy tales that might make us feel better in the moment, but will leave our children worse off tomorrow?"