Rishi Sunak has officially been appointed the 57th Prime Minister after he met the King at Buckingham Palace today.
Liz Truss confirmed her resignation to the monarch at 10.30am. The King then asked the new Conservative Party leader to form a government moments later.
The former Chancellor won the Tory leadership contest yesterday without a vote being cast after his rivals Penny Mordaunt and Boris Johnson dropped out.
Sunak becomes the UK's first Hindu prime minister, the first of Asian heritage, and the youngest for more than 200 years at the age of 42. He replaces Liz Truss, who beat him in a leadership election in September but resigned as Prime Minister last week after only six weeks in the role.
After delivering a speech outside No 10 Truss travelled to Buckingham Palace to formally tender her resignation after just 49 days in office, making her the shortest-serving Prime Minister in history.
During her final speech, Liz Truss quoted Roman philosopher Seneca as she gave her farewell speech outside Number 10.
She said: "From my time as prime minister, I'm more convinced than ever that we need to be bold and confront the challenges that we face.
"As the Roman philosopher Seneca wrote, it's not because things are difficult that we do not dare, it's because we do not dare that they are difficult.
"We simply cannot afford to be a low-growth country where the government takes up an increasing share of our national wealth and where there are huge divides between different parts of our country."
When will Rishi Sunak speak today?
Rishi Sunak is expected to address the nation just before noon, before entering No 10 as the UK's first Hindu prime minister, the first of Asian heritage, and the youngest for more than 200 years at the age of 42.
After his audience with the King at Buckingham Palace Sunak will then travel back down the Mall to Downing Street give a speech at around 11.35am.
The former chancellor will then turn his attention to assembling a top team that he will hope can return a measure of stability to both the Conservatives and the country.
To sign up to the Daily Record Politics newsletter, click here.
