Rishi Sunak has become Prime Minister after replacing Liz Truss who departs after a disastrous time in office that lasted only weeks. The former chancellor met King Charles III on Tuesday where he was formally appointed to Number 10 after Ms Truss tendered her resignation to the monarch.
Mr Sunak won the Conservative leadership contest on Monday after Penny Mordaunt, the only remaining hopeful who could have taken him to a run-off, announced she had withdrawn from the race following ex-PM Boris Johnson's decision to drop out on Sunday. Despite claiming to have obtained the 100 MPs needed to run Mr Johnson said in a statement that it "would simply not be the right thing to do". Mr Sunak was due to address the nation on Tuesday and you can follow all the latest updates here.
In a brief 86-second speech on Monday Mr Sunak paid tribute to his predecessor and promised to deliver "day in, day out" as leader. At 42 he is the youngest prime minister in modern history – and also one of the richest. Although his political career has been comparatively short – just seven years as an MP and two years in the Cabinet – Mr Sunak has a huge family fortune in addition to years spent in the financial sector. Here is a run-down of the vast wealth of Rishi Sunak, the UK's new prime minister.
