Rishi Sunak will be the first British Asian prime minister of the United Kingdom, after Liz Truss stepped down as premier last week. Sunak was able to secure the backing of more than 100 Conservative Party lawmakers, cementing his leadership of the party and therefore, eventually, the country.
His competitor, Penny Mordaunt, dropped out of the race just ahead of the 2 p.m. deadline to secure the necessary amount of backers on Monday, and Boris Johnson pulled out Sunday night.
Sunak, who was the treasury secretary under Boris Johnson, has economic experience that some hope will help stabilize a falling pound and skyrocketing inflation and interest rates.
The deadline for the next U.K. general election to take place is January 2025. The Conservative Party — which currently holds the majority of seats in parliament — is polling at historic lows against the opposition Labour Party, so the new government will be extremely reluctant to call an election soon, as they would risk losing their parliamentary majority.