By Stefan Boscia
Rishi Sunak will be Britain’s next Prime Minister, after winning the Conservative leadership race unopposed today.
Penny Mordaunt pulled out this afternoon shortly before the 2pm deadline for nominations, after Sunak was endorsed by more than half of Conservative MPs.
Sunak will enter Number 10 either today or tomorrow, with his team set to coordinate the timing with Liz Truss this afternoon.
He delivered a private address to Conservative MPs at 2.30pm, with ITV reporting he told the room that the crises the party faces are “existential”.
Sunak paid tribute to Mordaunt, Boris Johnson and Liz Truss in his speech, after entering the committee room to rapturous desk-banging.
He also told Tory MPs that the party must unite and put policies over personalities.
Mordaunt told journalists outside committee room 14 in parliament that she was “going to support the new PM”, while other MPs said the party now must unite behind Sunak.
At 42, Sunak will be the youngest UK Prime Minister for more than 200 years and is also the first Hindu to hold the post.
He comes into office as the UK facesbleak economic projections and after weeks of turmoil on the financial markets during Truss’ premiership.
The prospect of him becoming Prime Minister this morning led to bond yields falling and prices rising as investors showed their confidence in Sunak. Bond yields move in the opposite direction to prices.
Former Bank of England governor Mark Carney, who is in Westminster today for a committee hearing, told City A.M.: “I’ve always enjoyed working with Rishi Sunak and I’ve been impressed by his resolute actions under pressure and his commitment to building a net-zero financial centre.
“I wish him all the best.”
Sunak also comes into office with the Tories trailing Labour in every major poll by at least 21 points.
A YouGov poll out last week gave Labour a 37-point lead, which would result in an historic electoral wipeout for the Tories if replicated in an election.
Conservative MPs have come out en masse to call for the parliamentary party to unite behind their new party leader to put the events of the past few months behind them.
Mordaunt said in a statement released this afternoon: “Despite the compressed timetable for the leadership contest it is clear that colleagues feel we need certainty today.
“They have taken the decision in good faith for the good of the country.”
Labour deputy leader Angela Rayner said: “The Tories have crowned Rishi Sunak as prime minister without him saying a single word about how he would run the country and without anyone having the chance to vote.”
More to follow
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