UPDATE: Just days after launching his leadership bid, Chuka Umunna pulled out of the race. You can read about it here.
Streatham MP and shadow business secretary Chuka Umunna has launched his bid to become the new leader of the Labour Party.
In a video posted on his Facebook page, the Streatham-born MP, who regained his seat in last week's election and increased his majority from 3,259 to 13,934, said he had spoken to parliamentary colleagues, Labour Party members and others around the country before making his announcement.
"Some people have suggested it will be a 10 year project to get the Labour Party back into power, but I hold no truck with that," he says. "I think we can do it in five years."
Umunna, a former City lawyer (and apparently a former UK garage DJ), has long been touted for the role. He will be a popular choice among Blairite party members and those favouring a centre-left position, but he is considered too metropolitan to appeal to voters in the north and will struggle to win over the unions.
His announcement came as little surprise — he was one of the first out of the blocks to criticise Labour's campaign, writing in the Guardian that it hadn't made an "aspirational case" to middle income voters.
Liz Kendall threw her hat into the ring on Sunday, and others expected to stand are Yvette Cooper, Andy Burnham and Tristram Hunt.