Tory leadership: Theresa May overtakes Boris Johnson in poll as George Osborne rules himself out

Work and Pensions Secretary Stephen Crabb and Business Secretary Sajid Javid are reportedly considering standing on a joint ticket

The Home Secretary has overtaken Boris Johnson in the latest Tory leadership poll (Getty)

The Chancellor of the Exchequer has ruled himself out of running for the Conservative Party leadership following David Cameron's announcement that he would be stepping down.

With Boris Johnson widely thought to be the frontrunner following his Leave campaign in the EU Referendum, George Osborne waited out the weekend before making a speech on Monday morning in an attempt to calm the financial markets. This didn't work, however, and the pound slumped to a new 31-year low against the dollar.

Now Mr Osborne has told The Times: "It isn't in my nature to do things by half-measure, and I fought the referendum campaign with everything I've got.

"I believed in this cause and fought hard for it. So it is clear that while I completely accept the result, I am not the person to provide the unity my party needs at this time."

However, a new poll also in The Times has also shown Theresa May ahead of Mr Johnson in the race to become the next prime minister.

The Home Secretary and former London mayor are among leading Tories who are expected to spend the day drumming up support for potential leadership bids ahead of nominations opening on Wednesday.

But a surge in support for Mrs May has seen her leap ahead of the bookies' favourite to win the contest to replace David Cameron, research for The Times found.

The Cabinet minister is favoured by 31 per cent of Conservative voters against 24 per cent for Mr Johnson, according to the YouGov poll.

Work and Pensions Secretary Stephen Crabb and Business Secretary Sajid Javid are reportedly considering standing on a joint ticket.

Other contenders who are considering throwing their hat into the ring include Education Secretary Nicky Morgan and former frontbencher Liam Fox.

Despite once saying the Health Secretary brief was his "last big job in politics", Jeremy Hunt is also reported to be among those considering a shot at the leadership. He wrote in the Daily Telegraph that Britain should hold a second referendum on leaving the EU if it can secure a deal to control its borders.

Prominent Brexit campaigners Andrea Leadsom, minister for energy and climate change, and work and pensions minister Priti Patel are expected to stand, according to reports.

Nominations will open on Wednesday and close the following day, with a new prime minister and Conservative leader in place by September 2 at the latest.

Mr Johnson and Mrs May have been urged by Cabinet minister Justine Greening to form a "united leadership" to help bring together a country left divided after the poll.

Mr Osborne told The Times today that the EU referendum had left him a divisive figure.

He said: "It isn't in my nature to do things by half-measure and I fought the referendum campaign with everything I've got. I believed in this cause and fought hard for it."

"So it is clear that while I completely accept the result, I am not the person to provide the unity my party needs."

Press Association contributed to this report