The Royal Family's official  Twitter handle posted an image of Sunak meeting the King.

The handle tweeted: " The King received The Rt Hon Rishi Sunak MP at Buckingham Palace today. His Majesty asked him to form a new Administration. Mr. Sunak accepted His Majesty's offer and was appointed Prime Minister and First Lord of the Treasury."

Meanwhile, Sunak addressed the nation and said Britain is currently facing a ' profound economic crisis'.

He was quoted as saying by BBC: "The aftermath of Covid still lingers."

Sunak said he is determined to "fix the mistakes" made by his predecessor.

He said he has been chosen as the PM to fix some of the mistakes made by his predecessor.

"That work begins immediately," he says.

"I will work day in and day out to deliver for you," the Indian-origin leader said.