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Mitt Romney will not run for US presidency in 2016

Former US Republican presidential nominee Mitt Romney will not run for president in 2016.

Romney has lost some of his supporters to rival candidates Credit: Reuters

Romney's announcement comes just three weeks after he unexpectedly revealed he was considering a third shot at the White House. The former Massachusetts governor had told a small group of former donors in New York he was thinking about running again.

However, he then discovered that a number of his previous supporters had jumped ship to former Florida governor Jeb Bush.

Romney's exit from the campaign benefits the other favourites of the party's establishment wing including Bush, New Jersey Gov Chris Christie, Florida Sen Marco Rubio and Wisconsin Gov Scott Walker.