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.

David Cameron's premiership - in pictures Show all 15 1 /15 David Cameron's premiership - in pictures David Cameron's premiership - in pictures Britain's Queen Elizabeth II greeting David Cameron at Buckingham Palace for an audience to invite him to be the next Prime Minister on 11 May 2010 PA David Cameron's premiership - in pictures Prime Minister David Cameron and his wife Samantha wave from the steps of Number 10 Downing Street on 11 May 2010 Getty Images David Cameron's premiership - in pictures On 12 May 2010 Prime Minister David Cameron said in a press conference with Lib Dem leader Nick Clegg, who was then deputy PM, they plan to "take Britain in a historic new direction" and Conservative-led coalition government would be united and provide "strong and stable" leadership Rex David Cameron's premiership - in pictures A decade ago, David Cameron visited the Arctic to witness the effects of climate change. However since coming to power in 2010, his government has gradually dropped down a succession of green policies David Cameron's premiership - in pictures Prime Minister David cameron told the then New York mayor Michael Bloomberg, the Queen had “purred down the line” after he told her Scotland had voted against independence in September 2014. He was forced to apologise for breaking constitutional convention Getty Images David Cameron's premiership - in pictures Britain's Prime Minister David Cameron greeted soldiers working on flood relief in York city centre after the river Ouse burst its banks, in northern England in December 2015 REUTERS David Cameron's premiership - in pictures Claims that David Cameron performed an obscene act with a dead pig and smoked cannabis during his studies at Oxford University spread around the world in September 2015. The extraordinary allegations were made in an unauthorised biography of the Prime Minister written by Lord Ashcroft David Hartley/REX Shutterstock David Cameron's premiership - in pictures In 2016, Mr Cameron was caught up in a worldwide scandal dubbed the “Panama papers” Reuters David Cameron's premiership - in pictures Prime minister David Cameron and his wife Samantha with seven week old Regan as they meet her parents, first time home buyers Robert Arron and Kelly Jeffers at the Heritage Brook housing development in Chorley, Lancashire. David Cameron has joked that he wants "another baby" and said that he feels a "bit broody" every time he sees a newborn on the campaign trail David Cameron's premiership - in pictures Prime Minister David Cameron was criticised for branding refugees in the Calais ‘jungle’ camp as a “bunch of migrants” in January 2016 after thousands of refugees died in their attempt to cross the Mediterranean in 2015 Sky News David Cameron's premiership - in pictures Britain's Prime Minister David Cameron speaks with European Commission President Jean-Claude Juncker during an EU summit meeting on 17 March 2016 at the European Union council in Brussels. Cameron was in Brussels to renegotiate deal of UK membership with other European leaders. The deal, sealed after hours of haggling at a marathon summit, paved the way for a referendum on whether Britain will stay in the EU AFP/Getty Images David Cameron's premiership - in pictures President Barack Obama shakes hands with British Prime Minister David Cameron at a meeting at 10 Downing Street in London on 22 April 2016. The President and his wife visited 10 Downing Street where he joined press conference with British Prime Minister David Cameron and made his case for the UK to remain inside the European Union Getty Images David Cameron's premiership - in pictures After David returned from Brussels claiming victory in his renegotiation with European leaders, Boris Johnson announced that he will not support the Remain campaign. The prime minister said publicly he was "disappointed but Boris remains a friend" PA David Cameron's premiership - in pictures Prime Minister David Cameron makes a joint appearance with Mayor of London Sadiq Khan as they launch the Britain Stronger in Europe guarantee card at Roehampton University on 20 May 2016 in London. The 'guarantee card' lists five pledges should Britain remain in the EU, including the protection of workers' rights, full access to the single market and stability for Britain David Cameron's premiership - in pictures Britain's Prime Minister David Cameron speaks outside 10 Downing Street on 24 June 2016. Cameron announced his resignation after Britain voted to leave the European Union after a bitterly divisive referendum campaign AP

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.

Hunt considers leader bid

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."