Former Treasury chief Rishi Sunak won the race to be leader of the Conservative Party on Monday and will become Britain’s next prime minister — the third this year.
The former Treasury chief will be Britain’s first leader of color, and faces the task of stabilizing the party and country at a time of economic and political turbulence.
His only rival, Penny Mordaunt, conceded and withdrew.
As 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 had been the strong favorite as the governing Conservative Party sought stability at a time of immense economic challenges and after months of chaos that consumed the past two leaders.
Sunak’s position strengthened after former leader Boris Johnson dropped out of the Conservative Party leadership contest. The party is choosing Britain’s third prime minister this year following Liz Truss’ resignation after a turbulent 45-day term.