JAKARTA - Rishi Sunak will be the next British prime minister after his remaining rival, Penny Moridaunt, withdrew from his candidacy.
Sunak (42), was elected leader of the Conservative Party after winning the support of the majority of parliamentarians.
He was the only candidate left after Mordount stepped down moments before the nomination deadline.
Previously, another candidate, former prime minister Boris Johnson, also canceled his participation in this election.
The market reacted positively as Sunak took the challenge of directing Britain through an economic storm. The Blue-chip FTSE 100 is up 0.6 percent.
Tory's MPs have been urged to unite behind Sunak, after weeks of party war that has dragged Conservatives to their worst polling rankings since the 1990s.
Sunak faces a range of challenges including high inflation, rising energy costs and mortgages, a restless financial market, war in Ukraine and the continuing impact of Brexit.
MP Tory hugged and applauded when he arrived at Conservative headquarters, as the newly crowned party leader.
"This is the return of adults to the table, return to fiscal responsibility and return to loving Conservivism, all of which are good things," said Alicia Kearns, chairman of the newly elected Parliament's foreign affairs committee.
Sunak will be appointed prime minister by King Charles III, after Liz Truss has officially submitted her resignation.
It is known that King Charles III returned to London from his land in Sandringham on Monday, but it is not yet clear when the handover ceremony will take place.
"This decision is a historic decision and shows, once again, the diversity and talents of our party. Rishi has my full support," Moridaunt said as he admitted defeat.
Previously, Boris Johnson and Liz Truss also mentioned their full support for Sunak.
1922 Chairman of the Conservative Party Graham Brady said only one valid nomination for Sunak was received before the 2 p.m. deadline.
He did not reveal whether Mordount would get 100 nominations from the MPs needed to force a vote. But his allies said he had about 90, while Sunak had nearly 200.
It is known that the position of British Prime Minister was vacant after Liz Truss announced her resignation last week, only 45 occupied the number one person on Downing Street 10, the official residence and office of the British PM in London.
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