Just two months after he lost the last race, Rishi Sunak will become the UK's next prime minister.

The former chancellor has won the support of Conservative MPs to succeed Liz Truss as Tory leader after Penny Mordaunt dropped out of the election.

Mr Sunak will be the UK’s first Hindu prime minister, the first of Asian heritage and the youngest for more than 200 years at the age of 42.

Ms Mordaunt, the Commons leader, bowed out of the race as she struggled to get the 100 nominations from Tory MPs required by the 2pm deadline.

With Boris Johnson having ditched his own bid at a comeback, Mr Sunak will enter No 10 unopposed and avoid an online ballot of the Conservative members that rejected him for Ms Truss last month.

He now has the daunting task of leading the nation through an economic crisis only exacerbated by the chaotic legacy of Ms Truss, who was ousted after only six weeks in office.

Mr Sunak addressed a closed-door meeting of MPs this afternoon in a packed Commons committee room.

A Tory MP said Rishi Sunak’s message to the party was “we must unite or die and deliver for our country”.

The MP, who was in the private meeting where new leader Mr Sunak spoke, said his message was “we are united on all the key issues”.

In a televised address to the nation, Mr Sunak said: “I am humbled and honoured to have the support of my parliamentary colleagues and to be elected as leader of the Conservative and Unionist Party.

“It is the greatest privilege of my life, to be able to serve the party I love and give back to the country I owe so much to.

“The United Kingdom is a great country but there is no doubt we face a profound economic challenge.

“We now need stability and unity and I will make it my utmost priority to bring our party and our country together.”

He also paid tribute to Liz Truss for her “dedicated public service”.