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After a failed run at the leadership of the Conservative Party of Canada, Peter MacKay says he will bow out of politics.

"After much reflection and discussions with my family, I have made the difficult decision not to run in the next federal election," MacKay said in a news release.

MacKay has not been a member of Parliament since 2015, but announced in January that he would seek the leadership of the Tory party -- a post eventually won by Erin O'Toole. MacKay finished second, garnering almost 43 per cent of the vote on the third ballot.

"After spending almost nine months as a leadership candidate in the middle of this pandemic, much of it away from my family and full time job, my focus must be to return to both," MacKay said.

MacKay was the MP for Central Nova for 18 years, serving six terms. He served as minister of foreign affairs, defence minister, and justice minister during his time in Ottawa.