Rishi Sunak elected UK’s new prime minister

Rishi Sunak will become the United Kingdom’s new prime minister after winning the ruling Conservative Party’s leadership contest, which was triggered by the resignation of Liz Truss last week.

Sunak’s win came days after Truss’s resignation after her disastrous tax cuts plans and policy U-turns plunged the markets into chaos.

The extraordinary economic crisis drew a rare intervention from the Bank of England.

Britain faces serious economic challenges and needs stability and unity, Sunak said on Monday in his first public speech since winning the contest.

Sunak, a former finance minister, has been left with the task of steering a deeply divided country through an economic downturn set to make millions of people poorer.