Rishi Sunak is set to become the UK's next Prime Minister after his rival Penny Mordaunt failed to get the 100 backers needed.
The former Chancellor secured the backing of more than half of Conservative MPs ahead of today's 2pm nomination deadline, with Ms Mordaunt and Boris Johnson both withdrawing.
Sunak will become the richest resident in 10 Downing Street's history, with him and his wife having a combined wealth that even outranks the monarch.