Rishi Sunak set to be UK’s new prime minister

British politician Rishi Sunak was Monday elected Conservative Party leader and will become the next prime minister after rival Penny Mordaunt failed to secure the necessary 100 nominations from her fellow MPs.

“Rishi Sunak is therefore elected as leader of the Conservative Party,” senior backbencher Graham Brady said, as Mordaunt vowed her “full support” for the former finance minister, AFP reported.

Sunak had been up against Mordaunt and former prime minister Boris Johnson, who quit the race on Sunday night, after MPs organized a rapid leadership election following last week’s resignation of prime minister Liz Truss.

In a short speech on Monday, Sunak said he was “humbled and honored” to be chosen leader of Britain’s Conservative Party, a role that will see him become the third British prime minister this year.

He also mentioned the “profound economic challenge” the country faces, which includes soaring energy and food prices, and a looming recession.

Sunak, the former Treasury chief under Johnson, will become Britain’s first leader of color and the first Hindu to take the top job. At 42, he’ll also be the youngest British prime minister in more than 200 years.

He will be asked by King Charles III to form a government.