“I got enough votes, but I came to the conclusion that it wouldn’t be right for me to run,” Johnson said.
He added: “The best thing I can do now is not keep running and I am committed to supporting those who are successful. I trust I have a lot to offer, but it just wouldn’t be the right step.”
He also added that he would “withdraw from the fray in favor of Conservative Party unity despite the belief that he is in a good position to lead the party to another victory in the 2024 general election. “
With Johnson’s retirement, the door remains open for former UK finance minister Rishi Sunak, who leads the conservative MPs nominations, with 144 supporters.
Conservative lawmakers wishing to participate in the tender must secure the support of 100 colleagues by 2pm on Monday.
Interestingly, Liz Truss was forced to step down just six weeks after taking office due to the turmoil caused by her financial market policies.