Michael Howard has confirmed his intention to stand for the Tory leadership.

The shadow chancellor formally confirmed his intention at an event in London's Saatchi gallery.

Over 80 MPs from all wings of the party crowded into the room to confirm their support for the former home secretary. Present were Crispin Blunt, Francis Maude and Sir Patrick Cormack, who had both backed a vote of no confidence in Iain Duncan Smith.

"I am announcing today that I am a candidate for the leadership of the Conservative Party," said Howard to loud cheers.

Ahead of a meeting with Kenneth Clarke, at which the two will discuss how they can work together, he insisted there "was no coup".

Howard opened by thanking Duncan Smith for his commitment as Tory leader.

"I pay tribute first of all to Iain Duncan Smith, to his courage, to his dignity, to his decency and to what he has achieved for us in the last two years," he said.

"This is a great party, the longest-standing, most successful party in the history of democracy. There has been no other party that has done so much or achieved so much as ours."

He pledged to lead the party with "vigorous honesty". "I will lead this party from its centre. I will call on the talents of all in the party and the party will expect all to answer that call," he said.

"There will be no narrow political opportunism from us," he said. "I will tell the truth. I will tell it as I see it."

He also vowed to govern for "all Britain and all Britons".

In what may be interpreted as a swipe at potential rival Theresa May - who claimed the Brent East seat was "not natural Conservative territory" - Howard argued that "there can be no no-go areas for a modern Conservative Party".

"Today we know there are pockets of desperate poverty. No party that aspires to govern can ignore that," he said.

"Many of our great provincial cities are Conservative deserts. Today it's my mission to change that."

And he cast himself as a self-made man who could appeal to voters across the political spectrum.

"My parents were immigrants [they] weren't rich but I had the chance to go to a good grammar school," he said. "I wasn't born into the Conservative Party, I chose it."

It is likely that Howard will be the sole contender and appears set to be crowned as Duncan Smith's successor next week.

He said he would be happy to submit himself to confirmation from the party's fractious grassroots.

Throughout the course of the previous 24 hours senior MPs had rallied behind the former Cabinet minister.

Deputy leader Michael Ancram announced his backing for Howard in statement outside his London home.

He said there was "an urgent political job to be done" and called for unity in Tory ranks.

"I have decided so long as Michael Howard is the sole candidate I will not put my own name forward," the shadow foreign secretary said.

He described Howard as "one of our most effective performers on the frontbench".

Ancram could yet enter the race in order to stop a third candidate challenging Howard. He kept the door open to protect a man he repeatedly described as a "friend".

Michael Portillo also confirmed that he will not seek the party leadership.

"I definitely won't be standing. I don't think I have nearly enough support in the parliamentary party to stand and unless you have got a clear prospect of winning, there really is no point in being a candidate," he said,

Former minister Tim Yeo also revealed he was backing the shadow chancellor. "Michael Howard is the right person to take us forward," he said.

He predicted the contest was now likely to become a "one horse race".

"That's what it looks like but we can't be certain for another week," he added. "We can now go forward together under Michael Howard."

The move followed a similar announcement by David Davis moments after yesterday's vote was announced.

Within minutes of the vote of no confidence, Davis appeared outside the Palace of Westminster to announce he would not seek the leadership.

Unless another big beast emerges over the next 24 hours, Howard will be crowned as Tory leader within days.

Davis said he hoped the party could unify around a single candidate in order to avoid a damaging leadership election.

"I've decided not to run myself and to step aside, in favour of the candidate who I think is best equipped to unify our party," he said. "I judge that to be Michael Howard."

As rumours of a carve-up emerged last night, Oliver Letwin, Stephen Dorrell and Dr Liam Fox announced their support for the former home secretary.

They said Howard was "a political heavyweight" who can "land a few blows on Tony Blair".

Fox is acting as the campaign manager and claims that the majority of the parliamentary party have pledged their support in the 24 hours since Duncan Smith's resignation.

Former Tory leader William Hague has also given his backing to his former Cabinet colleague.

"I think Michael is likely to win a leadership election, it's possible he'll be the only candidate. [But] I don't think we can or should prejudge that," he said.

"It's open to other people to enter the election and that can easily happen. Personally I would be very happy to see him as the leader."