The Garstang MP, Ben Wallace, has ruled himself out of the race to become the next prime minister.
Ben Wallace, who is the Defence Secretary, had been tipped to be in the running to replace Liz Truss, after her resignation as party leader yesterday.
This afternoon, Mr Wallace has declared he will not be standing, citing the same reasons he didn’t stand when Boris Johnson resigned his position earlier this year.
In a statement, Mr Wallace said: ‘’As the party starts the process of looking for a new leader, I would like to put on the record that I will not be letting my name go forward as a candidate.
‘’I am privileged to be the UK Defence Secretary and the current threat requires stability in that office.
‘’The reasons I gave last time for not standing, have not changed. I will be looking to all candidates to recognise that you cannot have economic security at home without national security.
‘’This requires real investment for our Armed Forces and intelligence agencies.’’
Mr Wallace's only cabinet post has been defence secretary, which he has held since July 2019.
But he has signalled he would likely quit if the government ditches a key pledge to boost defence spending.
On Monday, new Chancellor Jeremy Hunt refused to commit to spending 3% of GDP on defence, telling Sky News' political editor Beth Rigby he was "not giving any answers on any specific elements" of tax and spending policy.
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