Boris Johnson has ruled himself out of the race to be the next Tory leader and prime minister saying, "that person cannot be me".
Mr Johnson, who was the bookies' favourite to succeed David Cameron and was expected to throw his hat into the ring, made the shock announcement after fellow Brexiteer campaigner Michael Gove put himself forward as a leadership contender.
His decision to bat for the Leave campaign was seen by many as a political gamble which, if successful, would have seen him replace his former Eton chum as Prime Minister.
In a dramatic press conference just moments before the midday deadline for nominations passed on Thursday, Mr Johnson said that the next Tory leader would have to unite the party and country.
Citing his own credentials, Mr Johnson said he was immensely proud of what his team had achieved in the capital at City Hall.
He said the UK's Brexit vote was a chance for the country's next leader to "restore Britain's standing as an independent sovereign" and "our moment to stand tall in the world".
But then he added: "My friends, you have waited for the punchline of this speech.
"Having consulted colleagues and in view of the circumstances in Parliament, I have concluded that person cannot be me."
There were audible gasps from Tory MPs and journalists in the room as he made the revelation.
Moments later, Graham Brady, chairman of the 1922 Committee of senior Tory backbench MPs, confirmed Mr Gove, Home Secretary Theresa May, former defence secretary Liam Fox and MPs Stephen Crabb and Andrea Leadsom as the official leadership contenders.
The first sign of any tension between Mr Gove and Mr Johnson was exposed in an email from the Justice Secretary's wife, journalist Sarah Vine, who warned her husband about the risks of backing the former London mayor without "specific assurances" about his role in any Johnson-led Cabinet.
This was cemented when Mr Gove took a swipe at Mr Johnson when he declared his intention to stand in the contest, saying: "Boris cannot provide the leadership or build the team for the task ahead."
Sky's Political Editor Faisal Islam described the move as an "Et tu, Brute?" moment.
Justice Minister Dominic Raab who backed the joint ticket of a Mr Johnson bid supported by Mr Gove, said the ex-London mayor's "cavalier" attitude had scuppered the plan.
The party needed a "unity figure who can bring people together and ultimately put a team together", he told Sky News.
"Until the 11th hour Michael Gove was committed to doing that with Boris. It hasn't happened and some of the reassurances that we had had about turning a dream ticket into a dream team didn't materialise."
Liberal Democrat leader Tim Farron said: "Boris follows the Bullingdon playbook: you break it and someone else has to fix it."
Education Secretary Nicky Morgan and Health Secretary Jeremy Hunt have both ruled themselves out of the race, with Mrs Morgan backing Mr Gove and Mr Hunt throwing his support behind Mrs May.
The first round of voting will take place on Tuesday, with the contender with the least votes eliminated at each round until two front runners emerge and a new party leader is chosen by 9 September.
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