Rishi Sunak has been confirmed as the new Prime Minister of United Kingdom after his challenger, Penny Mordaunt pulled out of the contest.
The 42-year-old former U.K. treasury chief will be the country’s third prime minister in under two months, its youngest prime minister since 1812, and the first person of color to serve in the role. He is of Indian heritage and Hindu faith.
Sunak’s win on Monday came days after Truss’s resignation after her disastrous tax cuts plans and policy U-turns plunged the markets into chaos. The unprecedented economic crisis drew a rare intervention from the Bank of England.
“These are unprecedented times. Despite the compressed timetable for the leadership contest, it is clear that colleagues feel we need certainty today. They have taken this decision in good faith for the good of the county.
“Members should known that this progression has been fairly and thoroughly trusted by the agreed 1922 process.
“As a result, we have now chosen our next Prime Minister. This decision is an historic one and shows, once again, the diversity and talent of our party. Rishi has my full support.