Here are some facts about Sunak who is considered the top contender for the post:

Rishi Sunak was elected as Conservative MP for Richmond (Yorks) in 2015, which marked his entry into politics.

The 42-year-old Indian-origin leader got a full cabinet role for the first time when he was picked up by Boris Johnson as Chancellor of the Exchequer in February 2020.

Nicknamed "Dishy" Rishi, his popularity rose during the pandemic when he created a massive package amounting to tens of billions of pounds to help businesses and workers.

The rescue package helped prevent mass unemployment in the UK as Covid-19 paralyzed the economy.

However, he had to face criticism for his wife's non-dom tax status and for retaining his US green card while working in the UK government.

He also drew flak for not providing enough support to households to deal with the skyrocketing cost of living in the UK.

Sunak was also fined for defying Covid-19 lockdown protocols and attending a 10, Downing Street gathering.

Sunak, a teetotaller, has his roots in India's Punjab, from where his parents, Yashvir and Usha Sunak, come.  He was born in Southampton and attended Winchester College and studied Politics, Philosophy, and Economics at Oxford University.

He is married to Akshata Murty, the daughter of Infosys founder NR Narayana Murthy and Sudha Murthy, educator, author and philanthropist. The couple met while studying at Stanford University, California and they tied the knot in 2009.

Sunak resigned from his post in support of widespread condemnation of the appointment of now-suspended MP, Chris Pincher, with a dubious reputation to an important post.

Tweeting his resignation letter, Sunak wrote: "The public rightly expects the government to be conducted properly, competently, and seriously.

"I recognise this may be my last ministerial job, but I believe these standards are worth fighting for and that is why I am resigning."

Before joining politics he worked as an analyst for a leading investment bank from 2001 to 2004. He also co-founded a large investment firm working with companies from Silicon Valley to Bangalore.