Former finance minister Rishi Sunak has won the contest to replace Liz Truss as Conservative Party leader. He will become the U.K.'s first prime minister of color and of South Asian descent later this week.
Why it matters: The U.K. has faced extreme political and economic turmoil over the past several months, with Boris Johnson resigning due to a series of scandals and Truss then stepping down after just six weeks because her tax cuts plan caused a run on the British pound.
