Penny Mordaunt is the first Tory leadership contender to confirm she is running for No 10, promising she can deliver a “fresh start” for the party.
The Commons leader – who finished third in the last race, in July – is likely to face Rishi Sunak and possibly Boris Johnson, but neither has made an announcement yet.
Ms Mordaunt is believed to have told Jeremy Hunt he will remain as chancellor – and that there will be no delay to his de-facto budget planned for 31 October.
She tweeted: “I’ve been encouraged by support from colleagues who want a fresh start, a united party and leadership in the national interest.
“I’m running to be the leader of the Conservative Party and your Prime Minister – to unite our country, deliver our pledges and win the next GE [general election].”
Ms Mordaunt has ground to make up, having the declared backing of only 18 fellow Conservatives and needing 100 to clear the bar for nominations on Monday.
This year’s first leadership campaign saw her star rise dramatically at the start of the contest – only for her to be pegged back and overtaken by Liz Truss.