London, Oct 24 (IANS): Former British Chancellor Rishi Sunak is the firm favourite to replace Liz Truss as the next UK Prime Minister and leader of the Conservative Party and could do so by as early as Monday afternoon, the media reported.

His closest rival, former Prime Minister Boris Johnson, dramatically pulled out of the race on Sunday evening, saying he has enough support but decided that it was not the right thing to do, the BBC reported.

Sunak praised Johnson, saying "we will always be grateful" for his actions during the Covid pandemic and the war in Ukraine.

Labour MP Chris Bryant says that if Sunak becomes Prime Minister, the British electoral system will look "no more democratic than a banana republic".

Bryant tweeted: "If Rishi Sunak becomes PM without a single interview or a smidgen of scrutiny, let alone a public vote, the British electoral system will look no more democratic than a banana republic. He will have no mandate. And that is disgraceful."

Sunak is currently the frontrunner in the contest, ahead of Penny Mordaunt, the current leader of the House of Commons, after Johnson bowed out of the race.

During the last Prime ministerial contest, Sunak's rival Liz Truss pledged a string of tax cuts to get the economy back into shape, the BBC reported.

But Sunak ploughed on with his more modest financial proposals, and said he would stand by them, even if they cost him the election.

His resolve is now paying off, as he forges ahead as the frontrunner in the contest following the chaos and collapse of the mini-budget.