Rishi Sunak is one step closer to becoming the next UK Prime Minister. He became the clear frontrunner in the Conservative Party leadership race, after his former boss, Boris Johnson, confirmed he would be pulling out of the contest.

If elected, he will be elected Britain’s first Indian-origin Prime Minister.

With the former prime minister stepping aside on Sunday night saying it was “simply not the right time” for his comeback, the prospect of a Diwali victory for Sunak cannot be ruled out.

Rishi Sunak meets with Olaf Scholz in Berlin – 2020 (Credit: HM Treasury/Wikimedia Commons)

The 42-year-old former chancellor, who said he wanted to “fix our economy, unite our party and deliver for our country” when he declared his candidacy, has held a solid lead in the contest having comfortably surpassed the 100-MPs threshold to make the shortlist in time for the 1400 local time Monday deadline.

The United Kingdom is a great country but we face a profound economic crisis.

That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister.

I want to fix our economy, unite our Party and deliver for our country. pic.twitter.com/BppG9CytAK

— Rishi Sunak (@RishiSunak) October 23, 2022

Election for a new British PM was necessitated as embattled British Prime Minister Liz Truss resigned as the Conservative Party leader last Thursday.

Read more: Liz Truss: UK’s third female PM resigns from office without India trade deal prize

Truss’ humiliating tenure at 10 Downing Street came to an end on her 45th day in the job following an open revolt against her chaotic leadership.