Rishi Sunak to be Britain's new prime minister

Rishi Sunak, the former UK finance minister, is set to be the country's next prime minister after his only rival withdrew from the Conservative Party leadership race on Monday. 

The 42-year-old politician will be Britain's youngest prime minister in more than a century, the country's first nonwhite leader and the first Hindu to take the job.

In a short statement on Monday, Sunak paid tribute to outgoing Prime Minister Liz Truss, saying she had dealt with "exceptionally difficult circumstances."

He said he wanted to give back to country he "owed so much to."

"There is no doubt we face a profound economic challenge," he said. He added that the country needed "stability and unity", and pledged to would bring his party and the country together.

Sunak promised to serve with "integrity and humility."

Sunak rises after Truss falls

Outgoing Prime Minister Truss stepped down on Thursday — after just six weeks in office.

Truss' resignation triggered the second race to pick a new prime minister this year after months of scandals and market turmoil. 

Sunak was expected to win the race, especially after former Prime Minister Boris Johnson withdrew, leaving only him and House of Commons Leader Penny Mordaunt in the race.

In September, Sunak was defeated by Truss in a party leadership vote in the wake of Johnson's downfall.

How did the Conservative Party pick a new leader?

The party had said it would accelerate the race to pick a new prime minister within a week of Truss' resignation announcement.

Sunak was the only candidate with the confirmed support of more than 100 lawmakers, the number needed to run in the race. According to British media, 51% of Conservative lawmakers backed Sunak. 

Meanwhile, Mordaunt did not seem to have the required 100 votes. A total of 27 Tory lawmakers publicly backed her, although she claimed to have the support of 90, The Guardian reported.

Mordaunt withdrew from the race at the last minute. She vowed her "full support" for Sunak.

"Rishi Sunak is therefore elected as leader of the Conservative Party," senior backbencher Graham Brady said.

Who is Rishi Sunak?

Sunak is one of Westminster's wealthiest politicians. The son of a doctor and pharmacist of Indian origin, Sunak was born in Southampton, Hampshire, and went to one of Britain's top boarding schools.

Before entering politics, he studied at Oxford University and Stanford University and worked for Goldman Sachs.

Winning the Conservative leadership race gives Sunak vindication, as he had warned in the last campaign that Truss' economic plans would backfire — and they did.

But Sunak himself had set the country on course to have its biggest tax burden in decades as he served as finance minister between February 2020 and July 2022.

He had backed tax cuts but said he would only bring them forward once inflation was brought under control. 

He was under pressure earlier this year after revelations that his wife, Akshata Murthy, avoided paying taxes on her overseas income.  

Sunak campaigned in favor of Brexit ahead of the 2016 referendum. 

How have people reacted?

Outgoing Prime Minister Truss congratulated Sunak on his appointment and pledged her support.

The chairman of the Conservatives called on the "whole party" to unite behind Sunak on Monday.

"Now is the time for the whole party to come together and unite four-square behind Rishi, as he gets on with the vital work of tackling the challenges we face as a country," Jake Berry said in a statement.

The First Minister of Scotland Nicola Sturgeon called on Sunak to call a general election, although he has reportedly ruled that out.

"For Scotland, of course, he becomes another PM we did not and, without doubt would not vote for even if given the chance. To escape the damage of Westminster governments with no mandate here, and take our future into our own hands, Scotland needs independence," she said.

aw, fb/rt (AFP, AP, Reuters)