Rishi Sunak will be Britain’s next Prime Minister.
His remaining rival for the Conservative Party leadership, Penny Mordaunt, dropped out of the contest this afternoon (Monday).
Sir Graham Brady, chair of the 1922 Committee, said he can confirm there has been one valid nomination, “and Rishi Sunak is therefore elected as leader of the Conservative Party”.
Mr Sunak, who has been Richmond MP since 2015, succeeding another man who led the Conservatives, William Hague, will set several records.
He 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.
With Boris Johnson having ditched his own bid at a comeback, Mr Sunak will enter No 10 unopposed and avoid an online ballot of the Conservative members that rejected him for Ms Truss last month.
He now has the daunting task of leading the nation through an economic crisis only exacerbated by the chaotic legacy of Ms Truss, who was ousted after only six weeks in office.
In a statement posted online two minutes before the deadline, Ms Mordaunt said her opponent now has her “full support”.
“These are unprecedented times. Despite the compressed timetable for the leadership contest it is clear that colleagues feel we need certainty today,” she said.
“They have taken this decision in good faith for the good of the country.
“Members should know that this proposition has been fairly and thoroughly tested by the agreed 1922 process.
“As a result, we have now chosen our next prime minister.”