Rishi Sunak has said he is “humbled and honoured” to become the next prime minister, describing it as the “greatest privilege in my life”

The 42 year old has become the first non-white politician to reach the UK’s highest office and the youngest prime minister for more than 200 years.

“There is no doubt we face a profound economic challenge. We need stability and unity…Because that is is the only way we will overcome the challenges we face”

Addressing Tory MP’s after winning the nomination he said that the Conservative Party must now “unite or die”

Earlier Penny Mordaunt conceded defeat after failing to claim the 100 nominations needed although she said she had secured the backing of more than 90 Conservative MPs

Ms Mordaunt said she was “proud” of her campaign to become the Prime Minister.

“This decision is an historic one and shows, once again, the diversity and talent of our party.Rishi has my full support.”

The contest became a race of two after Boris Johnson has pulled out of the leadership race concluding that even if he could win the contest, he did not have enough support among Tory MPs to govern.

Mr Johnson said: “I am afraid the best thing is that I do not allow my nomination to go forward and commit my support to whoever succeeds. I believe I have much to offer but I am afraid that this is simply not the right time.”

Johnson insisted that he had secured the private backing of 102 MPs and added

“that 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.”

Paying tribute to Johnson Rishi Sunak tweeted

Boris Johnson delivered Brexit and the great vaccine roll-out. He led our country through some of the toughest challenges we have ever faced, and then took on Putin and his barbaric war in Ukraine. We will always be grateful to him for that.

“Although he has decided not to run for PM again, I truly hope he continues to contribute to public life at home and abroad.”

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