Former British PM announced today (Sunday) that he will not be running for office. People expected him to be replacing Liz Truss after she left office last week. Liz Truss did not have a good understanding of how the market works, and her decision to start the tax cut economic package caused a disruption in the financial markets, which caused a backlash. Sunak is most likely to be the next Prime minister of the UK as he has the support of 140 lawmakers. Boris did not have as much support as Sunak, so maybe the reason he backed out was that he eventually knew that he had a small chance of winning, so he preferred not to.
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