Rishi Sunak will lead Britain as its next prime minister after winning the Conservative party leadership contest.

He’ll be the first British-Asian & Hindu British prime minister. He is at 42, the youngest prime minister in modern times.

The former Chancellor has won the race to replace Liz Truss.

Sunak is Britain’s third prime minister in seven weeks,

The former Treasury chief faces an economy in turmoil and a deeply divided Conservative Party.

He warned that the United Kingdom faces "profound economic challenges".

Immediately after being selected by Tory MPs, Rishi Sunakruled out an early general election and warned his party they had to "unite or die".

His rival Penny Mordaunt dropped out of the race in the final minutes before nominations closed.

Britain has to restore its international financial credibility after outgoing leader Liz Truss's plan for unfunded tax cuts and a costly energy price guarantee spooked the bond market last month and forced the Bank of England to intervene.

Sunak has backed the independence of the Bank of England and stressed the importance of government policy working alongside the central bank to tame inflation, not exacerbating it.

Winning the leadership contest is only the first step in uniting a party that has ousted its last two leaders over internal differences, and spent years arguing with itself over how to leave the European Union.

The new prime minister believes the key to faster growth is a mix of low inflation, deregulation and improvements to the supply side of the economy. 

Sunak will officially step into the role once appointed by King Charles III.