British shadow chancellor Mr Michael Howard has emerged as the frontrunner in the race to become new leader of the Conservative party.
Mr Iain Duncan Smith lost a no-confidence vote at the hands of Tory MPs yesterday.
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Mr Michael Howard
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Mr Howard, a veteran of the previous Thatcher and Major cabinets, looks the clear favourite to succeed him after a series of Tory heavyweights ruled themselves out last night.
Shadow health secretary Mr Liam Fox - who declared his support for Mr Howard last night - confirmed his colleague would be declaring his candidacy later today.
Within an hour of Mr Duncan Smith appearing before the cameras to resign, the Howard caravan had gathered paced.
Right-winger Mr David Davis, who had been expected to seek the party's top job, immediately stood aside in his favour. Other senior Tories, including Mr Kenneth Clarke, Mr Tim Yeo and former Northern Ireland Secretary, Mr Michael Ancram, have also pledged support to Mr Howard.
The 62-year-old Mr Howard is a right-wing, eurosceptic with few soft edges who was once famously described by a fellow colleague as having "something of the night about him".
The Folkestone and Hythe MP's supporters believe he will succeed where Mr Duncan Smith failed - holding Prime Minister Tony Blair to account over anything from public services to the Iraq war, which most Britons opposed.
Mr Blair's public trust ratings have plunged after waging war on Iraq, but all the polls suggest he will still inflict a third successive general election defeat on his foes in 2005.
Mr Duncan Smith had been widely regarded as one of the least impressive leaders of a right-wing party which dominated 20th century British politics but which has been floundering and riven by infighting since the heady days of Mrs Margaret Thatcher.