Welwyn Hatfield MP Grant Shapps has given his backing to Rishi Sunak in the Conservative leadership contest, who could be named party leader as early as this afternoon.

Sunak is favourite to lead the Tories and take over from Liz Truss as Prime Minister after she resigned last Thursday.

Penny Mordaunt is also in the running, but is racing to secure 100 MP backers by today’s 2pm deadline, while former PM Boris Johnson pulled out of the race on Sunday.

Mr Shapps, who was named home secretary by Ms Truss last Wednesday, gave his backing to Mr Sunak in a tweet on Sunday.

“We need someone who can provide stability and proven economic competence in these challenging times, and Rishi Sunak is that person,” he said.

“That's why I'm backing him in the Conservative leadership contest.”

Mr Shapps was also quick to defend Mr Sunak when questioned by BBC Breakfast’s Jon Kay questioned if he was the right man to lead the country.

“We don't really know what his policies are, he hasn't done any hustings, he's done no interviews and yet by the end of the day, he could end up as Prime Minister,” said Mr Kay.

“Is this really the right way to choose a leader for a country and a party?”

“You've clearly been following his Twitter account more closely than I have,” Mr Shapps fired back.

“I think given he spends weeks in the summer going around every single day getting into immense detail and getting into five different leadership debates, I think people will know by now what he stands for.

“He's not in the mind space of thinking 'that's it, it's all over'. I think what people have found is you cannot borrow money we don't have.

“I think all of his arguments have been proven to be true and I think he will run a very tight ship and a very good administration and actually a bit calmer, which is what the people of the country are asking for."

BBC News are reporting that Mr Sunak could be confirmed as leader as early as this afternoon, but Mr Shapps stressed in a Sky News interview that the potential leader doesn’t think ‘it’s in the bag’ just yet.

“Rishi enjoys the support of a large number of Conservative MPs and there’s a very high nomination threshold of 100, but putting it the other way around, Rishi doesn’t think it’s in the bag,” he said.