Rishi Sunak confirmed as next prime minister

Rishi Sunak has been confirmed as the UK’s next prime minister following Penny Mordaunt’s withdrawal from the Tory leadership race.

Seven weeks after losing to Liz Truss in the year’s first Tory leadership vote, the former Chancellor will now become prime minister after securing the backing of at least 100 Tory MPs.

Chairman of the 1992 Committee Sir Graham Brady announced the result to parliament this afternoon, where he revealed they only received one nomination for the new leader of the party.

He therefore declared Rishi Sunak to be the next party leader, adding that he will address Tory MPs ‘shortly’.

Sunak will be the UK’s first ever British Asian prime minister, and will take office as the country faces overwhelming economic challenges.

In a statement posted in the wake of his victory, Sunak vowed to ‘fix our economy, unite our Party and deliver for our country’.

His full statement reads: “The United Kingdom is a great country but we face a profound economic crisis. The choice our Party makes now will decide whether the next generation of British people will have more opportunities than the last.

“That’s why I am standing as your next Prime Minister and Leader of the Conservative Party. I want to fix our economy, unite our Party and deliver for our country.”

He continued: “I have a track record of delivery, a clear plan to fix the biggest problems we face and I will deliver on the promise of the 2019 manifesto.

“There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in day out to get the job done.

“I am asking you for the opportunity to help fix our problems. To lead our Party and country forward towards the next General Election, confident in our record, firm in our convictions and ready to lead again.”

Mordaunt, the leader of the Commons, dropped out of the race this afternoon after failing to secure 100 backers and struggling to get MPs to publicly declare.

Her statement reads: “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 country.

“Members should know that this proposition has been fairly and thoroughly tested 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.”