The election is a re-election vote triggered by the MP already in the very safe seat, as a distraction from "where did all this money come from" investigations around him (which are also conveniently paused by this byelection).
He's arguing that if he gets reelected then the investigation doesn't matter. The other parties are arguing it's a stunt, and so are fielding no candidates.
Binface's candidacy accurately represents the absurdity of the whole thing.