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In an article for The Times, he called Truss the "only candidate" with the necessary experience to lead the nation.
"Liz Truss is a winner not because she’s a slick salesperson but because she is authentic," Wallace wrote, adding that she is "straight and means what she says."
Truss and former Treasury Secretary Rishi Sunak are the two final candidates in the election race for the post of prime minister and head of the Conservative Party, following Boris Johnson's resignation on July 7.
The last round will take place by mail from August 4, with the winner determined by all party members, of whom there are about 200,000 to date. The results are expected to be announced on September 5, when Parliament resumes its work after the summer break.