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Rishi Sunak has officially been declared the next prime minister of the UK following his predecessor Liz Truss resigning after just 45 days in office.
The former chancellor, 42, became the outright favourite to hold the position after former prime minister Boris Johnson said he would not be announcing a leadership bid.
When announcing his renewed bid to become prime minister, Sunak - who worked as Chancellor of the Exchequer promised to lead the UK with 'integrity, professionalism and accountability'.
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His statement read: "The United Kingdom is a great country but we face a profound economic crisis.
"The choice our Party makes now will decide whether the next generation of British people will have more opportunities than the last.
"That's why I am standing to be your new Prime Minister and Leader of the Conservative Party. I want to fix our economy, unite our Party and deliver for our country.
"I served as your Chancellor, helping to steer our economy through the toughest of times.
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"The challenges we face now are even greater. But the opportunities - if we make the right choice - are phenomenal.
"I have the track record of delivery, a clear plan to fix the biggest problems we face and I will deliver on the promise of the 2019 manifesto.
"There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done.
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"I am asking you for the opportunity to help fix our problems. To lead our Party and country forward towards the next General Election, confident in our record, firm in our convictions and ready to lead again."
Sunak's new position comes after he initially lost the battle to replace Boris Johnson to Liz Truss.
While many had expected Johnson to enter the race to replace his successor, he ultimately decided that it would 'not be the right thing to do'.
"I believe I am well placed to deliver a Conservative election victory in 2024," Johnson said.
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"In the last days I have sadly come to the conclusion that this would simply not be the right thing to do."
While Johnson claimed to have had the support of 102 MPs in a statement released yesterday (23 October), according to Sky News he only had the support of 52 - less than the required threshold of 100 MPs.
Johnson concluded: "You can't govern effectively unless you have a united party in parliament. And though I have reached out to both Rishi and Penny - because I hoped that we could come together in the national interest - we have sadly not been able to work out a way of doing this."
Topics: UK News
Emma Guinness