Sunak is now going to be the first India-origin politician to become the PM of UK.

Penny Mordaunt also extended her support to Sunak.

In her statement, she said: "Our Party is our membership. Whether we are elected representatives, activists, fundraisers or supporters. We all have a stake in who our leader is."

"These are unprecedented times. Despite the compressed timetable for the leadership contest it is clear that colleagues feel we need certainty today. They have taken this decision in good faith for the good of the country," she said.

She said: "As a result, we have now chosen our next Prime Minister. This decision is an historic one and shows, once again, the diversity and talent of our party. Rishi has my full support."

Seven weeks after losing to Liz Truss in this year’s first Tory leadership contest, Sunak has finally emerged victorious in the contest.

Sunak is set to take up the leadership at a time when the nation is facing enormous economic challenges.

Sunak announced on Sunday he would be running for the leadership of the Conservative Party and the post of prime minister.

Who is Rishi Sunak?

Born on May 12, 1980, Sunak served as Chancellor of the Exchequer from 2020 to 2022, having previously served as Chief Secretary to the Treasury from 2019 to 2020.

Born in Southampton to parents of Indian descent who migrated to Britain from East Africa in the 1960s, Sunak was educated at Winchester College.

He subsequently read philosophy, politics and economics (PPE) at Lincoln College, Oxford, and later gained an MBA from Stanford University in California as a Fulbright Scholar.

While studying at Stanford, he met his future wife Akshata Murty, the daughter of N. R. Narayana Murthy, the Indian billionaire businessman who founded Infosys.

Speaking about his parents and school, Sunak wrote on his official website: "My parents sacrificed a great deal so I could attend good schools. I was lucky to study at Winchester College, Oxford University and Stanford University. That experience changed my life and as a result I am passionate about ensuring everybody has access to a great education. I have been a school governor, a board member of a large youth club, and have always volunteered my time to education programmes that spread opportunity."

In his working career, Sunak had worked for Goldman Sachs and later as a partner at two hedge fund firms.