Rishi Sunak Becomes UK’s New Prime Minister After Liz Truss Resigned

Former Chancellor Rishi Sunak, who warned that Liz Truss’ economic plans for Britain were a “fairy tale,” won the contest to succeed her as Prime Minister on Monday, taking over the world’s sixth-biggest economy at a time of deep financial and political turbulence.

Mr Sunak will formally enter Downing Street after his only remaining rival for the job, former defense minister Penny Mordaunt, said on Twitter she would drop out of the contest.

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She said, “this decision is an historic one and shows, once again, the diversity and talent of our party. Rishi has my full support,”

Mr Sunak’s rise to the job in Britain marks a historic moment. The grandson of Indian immigrants to Britain, the 42-year-old will be the UK’s first person color and first Hindu to lead the country.

However, his success will be determined by how well he manages the growing challenges to Britain’s economy as high inflation and a looming recession create a sense of growing despair.

The former hedge-fund manager arrives with a mandate to bring calm to the ruling Conservative Party following a period of unparalleled chaos that will see the country run by three Prime Ministers in seven weeks – a first for the UK.

On Sunday night, his main rival for the job, the colorful but controversial former leader Boris Johnson, pulled out of the leadership race, citing the fact that he couldn’t unite the party.

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Mr Sunak takes over from Ms Truss who became the shortest-serving Prime Minister in Britain’s history after her flagship economic program to stimulate the economy with tax cuts during rising inflation was rejected by investors, causing the pond to sink to a record low and the Bank of England to intervene in bond markets to stabilize the price of UK government debt.

He will become the first British Asian PM in the history of the UK and the youngest in more than a century, he is 42. Before now, Labour has reiterated calls for a general election