Rishi Sunak is now the new Prime Minister of the United Kingdom.
The next Prime Minister of the United Kingdom will be Rishi Sunak as he was the only candidate still in the running to reach 100 nominations from MPs.
Penny Mordaunt quit at the last minute after failing to win enough support from fellow MPs.
The news comes a day after his rival Boris Johnson left the race.
Johnson stressed the other day that he could no longer unite his party after one of the most turbulent periods in British political history.
Sunak, the 42-year-old former finance minister, is appointed leader to replace Liz Truss, becoming Britain’s third prime minister in less than two months.
The multi-millionaire will face one of the most daunting challenges, tasked with rebuilding Britain’s fiscal reputation through deep spending cuts as it slides into a recession, driven by rising energy, food and mortgage rates.
He will also lead a party that has lurched from one crisis to another in recent months, badly divided along ideological lines and a country growing increasingly angry at the behavior of its politicians.
“The United Kingdom is a great country, but we face a deep economic crisis,” Sunak said in a statement announcing his candidacy on Sunday.