Former UK security minister Tom Tugendhat said on Wednesday he was running to become leader of the Conservative Party, which this month lost power to Keir Starmer's Labour Party.

Britain's Conservative Party is set to name its new leader on Nov 2 after the party's worst-ever election performance prompted former Prime Minister Rishi Sunak to say he would stand down.

READ MORE: UK Conservative Party to announce new leader on Nov 2

The leadership contest will see the party narrow the field of nominations to four candidates who will make their case at the Conservative Party conference. The nominations will then further narrowed to two candidates after which party members will vote for a leader.

"The Conservative Party can win the next election. Trust me. I will make it happen," Tugendhat wrote in an article for the Telegraph newspaper as he joined the race to replace Sunak.

"We lost the trust of the British people, because we didn't do what we said we would," he wrote in reference to the election.

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"We must secure our country's future for the generations of today and tomorrow," Tugendhat added.

Tugendhat's announcement came a day after former British foreign minister James Cleverly said he was running to be the leader of the Conservative Party.