Former United Kingdom Treasury chief Rishi Sunak will become the nation's new prime minister after winning the leadership race on Monday when his only remaining rival, House of Commons Leader Penny Mordaunt, conceded and withdrew. Sunak will be the U.K.'s first non-white leader, and its first Hindu prime minister. He will now be invited to form a government by King Charles III.

Key Quotes: "I pledge that I will service you with integrity and humility," Sunak said Monday. "It shows that public service in the highest office in Britain can be open to those of all faiths and ethnic backgrounds. This will be a source of pride to many British Asians - including many who do not share Rishi Sunak’s Conservative politics," said Sunder Katwala of the British Future, a think tank which focuses on identity and race.

For Context: Sunak had correctly predicted that Liz Truss's plans to slash taxes on the wealthy would result in the fiscal chaos which led to her exit last week as the shortest-serving U.K. prime minister ever. That warning, combined with the fact that Sunak had come in second in the leadership race against Truss, helped make him the early favorite to replace her.  Former PM Boris Johnson had mounted efforts for another run, but was convinced by Sunak to withdraw on Sunday for the good of the Conservative Party.

How The Media Covered It: Sources across the political spectrum noted the significance of Sunak's becoming the first non-white U.K. prime minister, with some left-rated sources focusing more on the milestone.