He's won after running for the second time this year

He lost to Liz Truss in September, but she resigned six weeks later. In the latest leadership contest, Mr Sunak racked up the support of his fellow MPs early, and fast. He crossed the 100 nominations he needed long before the deadline - including from MPs that had previously backed Truss or Boris Johnson.

He "predicted" financial problems under Truss

Former UK Treasury chief Rishi Sunak won the race to become the new prime minister on Monday, the third since the summer and the nation’s first non-white leader.

Sunak won the latest leadership battle after his only remaining rival, Leader of the House of Commons Penny Mordaunt, conceded and withdrew.

“Rishi has my full support,” Mordaunt said in a concession statement.

Sunak will now be invited by King Charles III to form a government.

Rishi Sunak is about to become the UK’s first prime minister of colour and the first Hindu prime minister, both milestones in Britain’s evolution as a multicultural and multi-faith society.

Although there has been a marked increase in politicians of colour being appointed to senior cabinet roles, including the key posts of chancellor, home secretary and foreign secretary, the UK has never had a black or brown prime minister before.

Following the resignation of Liz Truss as Britain's fourth prime minister in a little over six years, her Conservative Party — in power since 2010 — is racing to select a replacement.

Candidates have until Monday to put their name forward, but party officials have announced that in order to be considered they will have to show they have the backing of 100 Conservative legislators, about a third of the party's lawmakers in the House of Commons.

Daniel Pryor, who lobbies for governments to shrink the state and cut taxes, feels Liz Truss's brief, disastrous spell as prime minister has killed off his dream of a low-tax, deregulated British economy for at least a generation.

Pryor, who works at the Adam Smith Institute in London, laughs bitterly at the irony that Truss, who said on Thursday she would resign, was forced to abandon her libertarian economic policies by the same free markets she cherishes.

The joke in Britain is that the country is becoming like Italy – but without the weather.  In other words – ungovernable.

Just as Italian politics seem to throw up a new government most weeks, so the UK seems to be churning through Prime Ministers.  Liz Truss announced her resignation on Thursday after a mere six weeks.  The shortest-lived Prime Minister in history, she´d barely unpacked her bags in Downing Street before having to pack them back up again.

Britain has been through the wringer since last month’s mini-budget. Not only was Kwasi Kwarteng’s not-so-mini plan the trigger for a domestic financial crisis and higher mortgage costs for millions, it lit the blue touchpaper for his political downfall and that of his close friend, Liz Truss.

“Liz Truss said on Thursday she would resign as prime minister, brought down by her economic programme that sent shockwaves through the markets and divided her Conservative Party just six weeks after she was appointed. A leadership election will be completed within the next week to replace Truss, who is the shortest serving prime minister in Britain's history.” (Reuters)

The left is encouraged by Truss’s resignation and calls for a new election.

The right worries that Truss’s failures will make it harder for Britain to adopt supply-side reforms.

Grassroots members and supporters of the Conservative Party have been put back in their place by the party’s parliamentary elite, with Liz Truss ousted and an establishment premier likely to replace her.

Truss was hardly a staunch conservative given her strenuous support for Remain during the Brexit referendum, immediate postponement of any action against the EU over its behaviour in Northern Ireland, and desire to increase the country’s already record-high levels of immigration.

After Kwasi Kwarteng, Liz Truss’s chancellor of the Exchequer, had been shoved onto his sword in the wake of financial markets’ reaction to a “mini-budget” saturated supposedly with “free-market fundamentalism,” there was always a high probability that Truss would be looking at an early departure from 10 Downing Street. Once it became clear that not only had Truss lost her chancellor but also control of the Conservative Party’s agenda, a high probability became a certainty.