Rishi Sunak has officially taken over as Britain’s Prime Minister, becoming the country’s third leader in seven weeks.
Sunak met King Charles III to accept the role after outgoing leader Liz Truss visited the monarch to offer her resignation.
He defeated centrist politician Penny Mordaunt, who failed to get enough backing from lawmakers to enter the ballot, while his rival, the former Prime Minister Boris Johnson, withdrew from the contest, saying he could no longer unite the party.
The 42-year-old ultra-rich ex-banker is the first person of color to lead the UK. His parents migrated from East Africa to the UK.
He takes over after Truss’s shambolic 50-day tenure which shook Britain’s economy.
In his first speech outside No 10, he says the UK is facing a “profound economic crisis” and that he has been chosen as the new Tory leader to fix some of Liz Truss’s mistakes.
“I will place economic stability and confidence at the heart of this government’s agenda,” Sunak said while delivering his first speech outside Downing Street.
He ruled out an early general election, despite calls from Labour, the Scottish National Party, the Liberal Democrats, and the Green Party.
The prime minister is now starting to put together his cabinet.