While his opponent, the former prime minister Boris Johnson, withdrew from the race after claiming he could no longer unite the party, he overcame centrist politician Penny Mordaunt, who was unable to secure enough support from parliamentarians to be included on the vote.
After winning the battle to lead the Conservative Party, Rishi Sunak will take over as Britain's next prime minister. He will be tasked with leading a highly divided nation through an economic crisis that will make millions of people poorer.
King Charles will invite Sunak, one of the wealthiest MPs in Westminster who is expected to become the nation's first leader of colour, to form a government in place of the departing Liz Truss, who held the position for just 44 days before resigning.
While his challenger, the former prime minister Boris Johnson, withdrew from the race claiming he could no longer unify the party, he overcame centrist politician Penny Mordaunt, who was unable to secure enough support from parliamentarians to be included in the vote.
Following the announcement of Mordaunt's departure, the value of the pound and British government bonds momentarily increased, but then fell back to their former levels. The monarch was on his way back to London, and he might accept Truss' resignation this week, according to an ITV correspondent.
Former finance minister Sunak, 42, takes office as Britain's third prime minister in less than two months. He is tasked with bringing peace to a nation that has been in instability for years due to political and economic unrest.
The wealthy former hedge fund manager is anticipated to implement significant spending cuts in an effort to restore Britain's fiscal credibility as the nation is being pulled into a recession by the rising cost of food and energy.
He will also take over an ideologically divided political party, a situation that has hurt the careers of several prior Conservative leaders.
Sunak has stated to have "Indian roots," but take into consideration that this refers to pre-Independence, undivided India, not the India of today. He was born in Southampton, England, in 1980, and received his education at the University of Oxford as well as at the exclusive boarding school Winchester College.
Sunak, however, will be the country's first practising Hindu to serve as prime minister. He has been performing gau-puja while running for office. He will be the first person of colour to hold the position of PM.
He attended Stanford University following his graduation from Oxford University, where he met his future wife Akshata Murthy, whose father is Indian billionaire N. R. Narayana Murthy, the creator of the world's largest outsourcing company Infosys Ltd.
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