After becoming PM-elect, Rishi Sunak called for unity amid a “deep economic challenge.”
After Penny Mordaunt failed to get MP support, he became Tory leader.
Mr. Sunak claimed his “utmost goal” was uniting his party and the UK in his inaugural speech.
The UK’s first British Asian prime minister and youngest in over 200 years is Mr. Sunak.
The King nominated 42-year-old Hindu Mr. Sunak to start office on Tuesday.
After chairing her final cabinet meeting at 09:00 BST, the outgoing prime minister will make a statement outside No 10 before visiting Buckingham Palace for her final session with the King.
The monarch will invite Mr. Sunak to form a government during his first audience.
Before entering No. 10, he will make a statement at 11:35 in Downing Street.
The White House Press Secretary said President Joe Biden will contact Mr. Sunak to “express his congratulations” after seeing the King.
Before Mr. Sunak becomes the third Conservative prime minister since 2019, Labour has called for a general election.
According to MP Simon Hoare, Mr. Sunak told Tory MPs behind closed doors following the outcome that this would be a difficult time and ruled out an early general election.
The former chancellor said the Conservative Party, far behind Labour in the polls, had a “existential threat” but could win the next election by unifying.
In a two-minute TV statement, Mr. Sunak pledged “purity” and thanked outgoing Prime Minister Liz Truss for steering the country through “exceptionally challenging conditions”.
“The UK is magnificent, but we face a serious economic issue,” he remarked. “We need stability and togetherness, and I will prioritise uniting our party and our country.”
After losing to Ms Truss in the summer leadership battle, former chancellor Mr Sunak’s coronation as Tory leader completes his political comeback.
Ms Truss, whose tax-cutting programme Mr Sunak called “fairytale economics,” tweeted her “full support” and congratulations.
Ms Truss’s mini-budget, much of which was deleted, will worsen the economic crisis and public finances for her successor.
After Ms Truss’s turbulent tenure, Conservative Party Chairman Jake Berry said the party should “rally four-square behind Rishi.”
“Clear that colleagues feel we need assurance today,” Ms. Mordaunt withdrew from the last contest minutes before the vote was announced.
“This choice is remarkable and illustrates, once again, the diversity and talent of our party,” Ms. Mordaunt said. “I’m behind Rishi.”
After Boris Johnson withdrew on Sunday, Ms Mordaunt was under pressure to support Mr Sunak.
Mr. Johnson, who resigned as prime minister seven weeks earlier, said now was “not the right time” but had enough support to run.
Sources informed the BBC that Mr Sunak and Mr Johnson met on Saturday as Tory MPs debated who to back in the second Tory leadership campaign in four months.
Mr. Johnson’s chancellor, Mr. Sunak, had to navigate the UK economy through the COVID-19 pandemic within weeks.
After government scandals, he resigned as chancellor in July, sparking a cabinet revolt that ousted Mr. Johnson.
Mr. Sunak rose to the top of British politics after being elected MP for Richmond, North Yorkshire, in 2015.
Mr. Sunak, one of the wealthiest MPs, worked in finance before becoming one.
However, Akshata Murty’s tax issues brought his family’s finances under examination earlier this year.
Opposition parties want a general election because Mr. Sunak does not have a democratic mandate to become prime minister.
Mr Sunak will be the fourth successive prime minister without a general election, following Theresa May, Boris Johnson, and Ms Truss.
After the Conservatives achieved a huge majority in 2019, the next general election is not expected until 2024.
The UK’s legislative system doesn’t need Mr. Sunak to call an early election.
Angela Rayner, Labour’s deputy leader, claimed Mr. Sunak became prime minister “without him expressing a single word about how he would administer the country and without anyone having the chance to vote”.
Liberal Democrat leader Ed Davey said Tory MPs “installed another out-of-touch prime minister with no plan to repair the damage and without giving the British people a say”.
Scottish First Minister Nicola Sturgeon advised Mr. Sunak to seek an early general election and not “unleash another wave of austerity”.
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