(AP) — Rishi Sunak has won the race to be the leader of the Conservative Party and will become Britain’s next prime minister — the third this year.
The former Treasury chief will be Britain’s first leader of colour, and faces the task of stabilising the party and country at a time of economic and political turbulence.
His only rival, Penny Mordaunt, conceded and withdrew on Monday.
As the leader of the governing party, he will take over as prime minister from Liz Truss, who quit last week after 45 tumultuous days in office.
Sunak’s position strengthened after former leader Boris Johnson dropped out of the Conservative Party leadership contest.
Sunak lost out to Truss in the last Conservative election, but his party and the country now appear eager for a safe pair of hands to tackle soaring energy and food prices and a looming recession. The politician steered the economy through the coronavirus pandemic, winning praise for his financial support for laid-off workers and shuttered businesses.