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Perhaps he will refile as a Tory and seek to be PM
The conservative leadership candidates are set, nominations are closed. Tory MPs will whittle the choices down to 2 and then party members will vote.
I’m not positive you have to be a sitting MP but that might be the case, all the candidates are and all the mentioned prospective candidates were as well. Farange would have had no chance regardless, switching parties and running for leader.
In Canada I know non-MPs have won leadership elections, they then have someone in a safe seat resign and enter Parliament in the following special election.