Rishi Sunak has paid tribute to outgoing Prime Minister Liz Truss in his first public address as Conservative Party leader saying he will unite the country and his party.
The former chancellor won the support of Conservative colleagues to succeed Truss as Tory leader earlier today and will enter Downing Street less than two months after he lost the last race.
Sunak will be 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 will be formally appointed to the role in a handover of power overseen by the King within the coming days.
Penny Mordaunt, the Commons Leader, bowed out of the race as she failed to get the 100 nominations from Tory MPs required by the 2pm deadline.
In his first address to the nation, which lasted 86 seconds where he didn't look at the camera and included an awkward silence, he said: "I would like to pay tribute to Liz Truss for her dedicated public service to the country. She has led with dignity and grace through a time of great change and under exceptionally difficult circumstances both at home and a abroad.
"I am humbled and honoured to have the support of my parliamentary colleagues and to be elected as leader of the Conservative and Unionist Party. It is the greatest privilege of my life to be able to serve the party I live and to give back to the country I owe so much to.
"The United Kingdom is a great country, but there is no doubt we face a profound economic challenge. We now need stability and unity and I will make it my utmost priority to bring our party and our country together.
"That is the only way we will overcome the challenges we face and build a better, more prosperous future for our children and our grandchildren. I pledge that I will serve you with integrity and humility. And I will work day in day out to deliver for the British people."
It comes as the Prime Minister's official spokesman said a timetable had not yet been decided for the transition of power.
"I can confirm that the transition won't be taking place today," the spokesman told reporters.
"Beyond that there are discussions ongoing between the outgoing PM, the incoming PM and the Palace with regards to timetable."
The spokesman could not confirm whether Rishi Sunak would take Prime Minister's Questions in the Commons on Wednesday.
"I can't be definitive at this point," the spokesman said.
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