Tory leadership race latest LIVE: New PM Rishi Sunak to take up role on Tuesday after meeting King Charles

Rishi Sunak is set to officially take up the role of Britain’s Prime Minister tomorrow morning after meeting King Charles at Buckingham Palace.

Downing Street has confirmed the schedule for the transition of power saying Liz Truss will chair her final Cabinet at 9am on Tuesday and make a statement outside No 10 at 10.15am.

Ms Truss will then go to Buckingham Palace to offer her resignation to the King. The King will then meet new Conservative leader Rishi Sunak and invite him to form a government. Mr Sunak is then set t make a statement in Downing Street at 11.35am.It comes after Mr Sunak said in his first speech as Tory leader that the nation faces a “profound economic challenge” but vowed to “bring the country together” as the new PM.

His words came on Monday afternoon during his first public address since winning the race to become leader of the Conservative Party and Britain’s 57th Prime Minister - after rivals Boris Johnson and Penny Mordaunt pulled out of the contest.

He will be Britain’s first non-white Prime Minister and at the age of 42 the youngest since Lord Liverpool in 1812.

Speaking at the Conservative Party headquarters at about 4.15pm on Monday, Mr Sunak said winning the contest is “the greatest privilege of my life”, adding: “We now need stability and unity and I will make it my utmost priority to bring our party and our country together.”

Former Prime Minister Mr Johnson withdrew from the race on Sunday night.

He was followed by Commons Leader Ms Mordaunt on Monday morning, leaving Mr Sunak as the only candidate to have publicly secured the support of at least 100 MPs by 2pm needed to get on the ballot paper of two contenders to be put to party members.

How the week will unfold

07:18 , Miriam Burrell

Good morning.

The Tories are scrambling to elect a new leader this week after Liz Truss resigned on Thursday.

Rishi Sunak and Penny Mordaunt are in the running, and need to gather 100 nominations from colleagues by 2pm on Monday.

It will be announced at 2.30pm whether the contestants have reached the threshold.

If so, a first ballot result will be announced at 6pm, with a second at 9pm if required.

The hope is perhaps that the loser of the “indicative” vote may drop out of the race, in which case a new leader emerges without the involvement of party members.

If neither drops out, this final vote by MPs will allow Tory members to know – which they did not in the last election – the preferred of the two candidates.

If two candidates end up remaining, Tory members across the country will have a say.

The ballot will close at 11am on Friday, with the result announced later that day.

Boris Johnson has put ‘country before party'

07:23 , Miriam Burrell

Tory leadership contestant Penny Mordaunt has said Boris Johnson put “country before party” by bowing out of the race.

“He worked to secure the mandate and the majority we now enjoy. We should put it to good use, and I know he will work with us to do so,” she said on Monday.

Sunak vs Mordaunt: Who are the contenders?

07:29 , Miriam Burrell

Rishi Sunak

Former chancellor Rishi Sunak heads into the race confident that he has the backing of enough MPs to make it onto the ballot paper.

He was defeated just seven weeks ago in the last Tory leadership race as Liz Truss came out as the winner.

He said Liz Truss’s promises of unfunded tax cuts at a time of worsening inflation were irresponsible, dangerous and un-Conservative, predicting that they would lead to surging mortgage rates.

Penny Mordaunt

Leader of the House Penny Mordaunt will need to receive a tidal wave of support to reach the requisite 100 nominations.

She finished third in the last leadership election. She opted to back Liz Truss, and was rewarded with a role in the new Cabinet, taking up the reins as Commons Leader.

Her dearth of ministerial experience at that stage became a weakness that her rivals sought to exploit, even if she appeared to remain a popular choice among the party membership.

Shapps: Sunak’s economic predictions turned out to be ‘doubly true’

07:34 , Miriam Burrell

Home Secretary and Rishi Sunak supporter Grant Shapps said Mr Sunak’s predictions about the economy turned out to be “doubly true”.

Mr Shapps told BBC Breakfast: “We need to make sure we live within our means and get back to traditional Conservative values because we are fiscally responsible.

“He’s got the clarity of message and the fact that he was right about this when he was talking about it over summer.

“He will be a terrific prime minister if it comes to that.”

Mr Shapps said colleagues have backed Mr Sunak “in a very big way”.

Labour accuse Sunak of ‘dodging scrutiny'

07:43 , Miriam Burrell

Labour’s deputy leader Angela Rayner has said it’s “little wonder” Rishi Sunak is “dodging scrutiny”.

She said Tory MPs are set to give Mr Sunak the keys to No10 without “him saying a single word about how he’d govern”.

Mordaunt’s numbers ‘well above published figures'

07:50 , Miriam Burrell

Conservative MP Damian Green is confident Penny Mordaunt will reach the required number of nominations, 100, to enter the race against Rishi Sunak.

He told BBC Radio 4: “There are a lot of people who weren’t declaring publicly what they were doing...Penny’s numbers are well above the published figures already.

“It’s certainly way, way above the published number and we’re confident of getting to 100 before the deadline of 2pm and putting the case to colleagues that Penny is the person best positioned to unify the party.”

Sir Roger Gale: ‘Important that Tories have a choice’

08:01 , Miriam Burrell

Penny Mordaunt supporter Sir Roger Gale said it’s important that Tories have a choice of leader between Rishi Sunak and Ms Mordaunt.

He told Sky News that Ms Mordaunt has enough nominations to proceed to the ballot, but claimed he did not know exactly how many.

“I saw Penny 20 minutes ago and she said: ‘We’re in the zone’.

“We’ve got a team of people now, Penny Mordaunt, Jeremy Hunt, Ben Wallace and Rishi Sunak and I think between them, in whatever order, they will unite our party and take us forward.”

Pictured: Media gather outside No10

08:06 , Miriam Burrell

What happens today?

08:23 , Miriam Burrell

Rishi Sunak could be declared the next prime minister within hours, with uncertainty over rival Penny Mordaunt’s prospects of securing 100 nominations from MPs.

If Ms Mordaunt falls short of this total by the deadline of 2pm on Monday, or pulls out of the contest, Mr Sunak will take charge of the party without the need for a vote.

If she does get the numbers, MPs will then decide which of the two candidates they prefer in an “indicative” vote.

There will then be a final online poll of party members with the result due on Friday – unless one of the candidates pulls out.

Read more here.

Pictured: Rishi Sunak leaves home ahead of 2pm deadline

08:28 , Miriam Burrell

Shares jump in London after Johnson withdraws

08:31 , Miriam Burrell

The FTSE 100 started the day with a 0.5% rise, pushing it above the 7,000-point mark for the first time in a week.

The pound continued a multi-day rise, building from its low of below 1.11 dollars at about midday on Friday to reach close to 1.14 as stock markets opened after the weekend.

Meanwhile the gilt market cooled, making it cheaper for the Government to borrow money. The interest rate on a 30-year UK Treasury gilt fell by nearly 0.2 percentage points to about 3.9%.

The movements follow the decision of former Prime Minister Boris Johnson not to enter the Tory leadership race.

Support grows for Rishi Sunak

08:40 , Miriam Burrell

The number of supporters backing Rishi Sunak to become Britain’s next prime minister continues to grow on Monday.

Foreign Secretary James Cleverly has thrown his weight behind Mr Sunak after Boris Johnson pulled out of the race, while former Home Secretary Priti Patel also shows support for Mr Sunak.

Starmer on Boris Johnson: ‘I put my head in my hands’

09:13 , Miriam Burrell

Labour leader Sir Keir Starmer said he put his head in his hands when he first found out Boris Johnson was going to run for prime minister.

He told LBC: “When he first said that he was going to run...I did put my head in my hands, and think, ‘Really?’

“It was never going to work.”

Mr Starmer continued his calls for a general election.

“The less time spent on this chaotic ridiculous circus at the top of the Tory party, the better. Millions of people are really worried about paying their bills this winter.”

Wales Secretary backs Sunak

09:44 , Miriam Burrell

Wales Secretary Robert Buckland has shown his support for Rishi Sunak, the latest in a string of Tory MPs to publicly back the ex-Chancellor on Monday morning.

Others declaring their support for Mr Sunak include Michael Gove, James Cleverly and Priti Patel.

New PM ‘unlikely to build over cracks in UK political system'

10:03 , Miriam Burrell

Political expert from the University of Edinburgh, Dr Harshan Kumarasingham, said it’s unlikely the new prime minister will be able to build over the cracks in the Tory party and the wider British political system.

He told the BBC that the political system “historically offered” a “sense of stability”.

“Those conventions around leadership have been in some ways been overthrown by infighting within the Tory party and it’s unlikely whoever becomes prime minister will be able to suddenly build over those cracks in the British political system and wider societal problems.”

Penny Mordaunt ‘getting the numbers’

10:13 , Miriam Burrell

Penny Mordaunt is “getting the numbers” required to face Rishi Sunak in a ballot of Tory members and is “in it to win it”, according to her campaign.

A spokeswoman said: “Penny is speaking to colleagues from across the party. She’s getting the numbers and she’s in it to win it.”

With Mr Sunak surging ahead, the pressure was on Ms Mordaunt to drop out of the race and avoid any further delay to the process.

If she is able to gain the support of 100 Tory MPs then the decision will be handed to party members in an online vote which will close on Friday.

Read more here.

What’s happened this morning?

10:22 , Miriam Burrell

A number of senior Tory MPs have come out in support of Rishi Sunak on Monday morning as Penny Mordaunt claims she is “getting the numbers” to reach 100 nominations.

Foreign Secretary James Cleverly, Michael Gove and Priti Patel are among MPs who have switched their support from Boris Johnson, who pulled out of the race on Sunday night, to Mr Sunak.

Tallies show Mr Sunak with the public backing of well over 100 MPs, while Ms Mordaunt has 31, but other reports have lower figures.

Her campaign claims “she’s in it to win it” and there is no sign of her stepping aside.

Nominations close at 2pm, with candidates who have reached the 100 nominations threshold announced before 2.30pm.

If that’s both Mr Sunak and Ms Mordaunt, a first ballot result will be announced at 6pm, with a second at 9pm if required.

Levelling Up Secretary backs Rishi Sunak

10:30 , Miriam Burrell

In yet another blow to Penny Mordaunt, Levelling Up Secretary Simon Clarke has said Rishi Sunak is the “right person” to become prime minister.

Mr Clarke said “everyone knows my loyalty to Boris Johnson” but “unity now matters”. He said Mr Sunak will have his “full support”.

Half of Tory MPs back Rishi Sunak

10:58 , Miriam Burrell

Rishi Sunak has reportedly gained support from more than half of Tory MPs on Monday morning.

Some 178 Tory MPs are supporting the former Chancellor, Sky News is reporting, including at least 12 “switchers” from Boris Johnson’s campaign.

Watch: Grant Shapps says ‘too soon’ for Boris Johnson to make a return

11:07 , Miriam Burrell

Prominent Tory MPs seen outside Sunak’s office

11:20 , Miriam Burrell

Several prominent Conservative politicians visited Rishi Sunak’s campaign headquarters on Monday morning.

Kemi Badenoch and Gavin Williamson both stopped off at Mr Sunak’s office in Westminster.

Mr Sunak arrived at his office at about 8.30am before departing shortly afterwards.

More Tory MPs declare their support

11:31 , Miriam Burrell

Justice Secretary and Lord Chancellor Brandon Lewis said “it is clear” the majority of Tories support Rishi Sunak as he declared his “absolute backing” of the ex-Chancellor.

Meanwhile MP George Freeman said Penny Mordaunt is the key to unifying the party, but questions whether “that unity and stability” is best served by a contest this week or by MPs “putting differences aside and backing” Mr Sunak.

Penny Mordaunt 'has support of 90 MPs’

11:44 , Miriam Burrell

Penny Mordaunt’s campaign has claimed she has received the support of 90 Tory MPs, and has urged others to back her so the party membership can select the next prime minister.

A campaign source said: “We have now passed 90. For the sake of the party, it’s important our members have their say.”

Labour steps up calls for general election

11:55 , Miriam Burrell

Labour has stepped up calls for a general election with Britain set to see its third Prime Minister in just two months.

Labour leader Sir Keir Starmer told LBC: “I think a change at the top of the Tory party is not what we need. We need a general election so people can choose.”

Shadow attorney general Emily Thornberry said “it really is an abuse” for the new Prime Minister not call a general election.

Read more here.

Sunak would be youngest and first non-white PM

12:03 , Miriam Burrell

Rishi Sunak would become the youngest UK prime minister in modern political history if he wins the Tory leadership contest.

At 42 he is a year younger than the current record-holder, David Cameron, who was 43 when he became PM in 2010.

Mr Sunak would make history in terms of ethnicity, being the first non-white prime minister of the UK.

ERG ‘unable to collectively endorse either candidate'

12:16 , Miriam Burrell

The Brexiteer MPs’ European Research Group (ERG) has been “unable to collectively endorse either” Rishi Sunak or Penny Mordaunt, Chairman Mark Francois has said.

The group could not come to a complete agreement, but instead resolved that “whoever becomes prime minister of the United Kingdom, we will unite behind them and assist in seeking to unite the Conservative Party”, Mr Francois said.

Iain Duncan Smith backing Sunak

12:40 , Will Mata

Former Tory leader Sir Iain Duncan Smith has thrown his weight behind Rishi Sunak's bid to become prime minister, calling for the contest to end.

Endorsing the former chancellor, Sir Iain said: "It is time for us to end the leadership contest and get a PM in place ASAP.

"I have reached the decision that senior experience at the heart of government matters most."

Figures suggest Labour would win a landslide

12:48 , Will Mata

The new Conservative prime minister will take office with their party trailing Labour in the polls by the largest gap for 25 years.

The Tories' seven-day poll average currently stands at 20 per cent, 33 points behind Labour on 53 per cent.

Before this year, the last time Labour enjoyed leads that regularly averaged 30 or more percentage points was in the months directly after the general election of 1997, when Tony Blair led the party to a 179-seat majority.

While most polling companies in recent days have shown Labour's lead to be in the very high 20s or low 30s, three have put it even higher, at 36 points (Redfield & Wilton), 37 points (YouGov) and 39 points (People Polling).

The figures from People Polling put the Conservatives on 14 per cent, only three points ahead of the Liberal Democrats on 11 per cent and the lowest poll score for the Tories for at least 50 years.

These are the sorts of numbers that would be likely to see a landslide Labour victory at a general election - were one to take place tomorrow, and were people to vote in the same way across the country.

Mordaunt urged to pull out

12:54 , Will Mata

One of Penny Mordaunt's leading supporters has urged her to drop out of the Tory leadership race and back Rishi Sunak.

Former minister George Freeman tweeted: "Penny Mordaunt is a huge force for Conservatism; with the life-story, vision and courage to help lead a Conservative revival. I'm proud to support her.

"But given the urgent need for Conservative stability and unity this week, I'm urging her to join and back Rishi Sunak today."

King set to appoint new prime minister

12:58 , Will Mata

The new prime minister will be the second premier of the King's reign which is only just over six weeks old.

As head of state, it is the King's duty to appoint the prime minister who leads His Majesty's Government.

The Royal Encyclopaedia states that the appointment of a prime minister is "one of the few remaining personal prerogatives of the sovereign".

The monarch does not act on advice nor need to consult anyone before calling upon a politician to form a government.

But the overriding requirement is to appoint someone who can command the confidence of the House of Commons - which usually means the leader of the party with an overall majority of seats in the Commons.

Sunak could be first Hindu PM

13:09 , Will Mata

Rishi Sunak will become the country's first Hindu prime minister if he succeeds in his bid for the top political job.

Groups said the potential move would be a "historic moment" that shows the highest office "can be open to those of all faiths and ethnic backgrounds".

Mr Sunak is a practising Hindu and takes his Commons oath on the Bhagavad Gita, a sacred Sanskrit text.

He was born in 1980 in Southampton to parents of Punjabi descent. His grandparents were born in India and emigrated to the UK from East Africa in the 1960s.

Sunder Katwala, director of British Future, said: "It will be an historic moment if Rishi Sunak does become our first British Indian and Hindu prime minister, showing that the highest office in Britain can be open to those of all faiths and ethnic backgrounds.”

Johnson ‘could have stood’ to be PM

13:17 , Will Mata

Nigel Adams, a prominent supporter of Boris Johnson, confirmed the former prime minister had the backing required to run before his decision to pull out of the contest.

"This morning I met Bob Blackman MP, joint secretary of the 1922 Committee," former minister Mr Adams said.

"He has independently verified the nomination paperwork and confirmed to me that Rt Hon Boris Johnson MP was above the threshold required to stand for the Conservative Party leadership in this leadership election.

"Therefore, Mr Johnson could have proceeded to the ballot had he chosen to do so."

Sturgeon calls for general election after ‘horror show’ leadership contest

13:19 , Will Mata

Nicola Sturgeon has said the incoming prime minister's first act in the job should be calling a general election amid a "horror show" leadership contest.

Scotland's First Minister said the governance of the UK should not be a "revolving door" where one party gets to choose who occupies No 10.

The leadership contest to replace Liz Truss, who resigned after 44 days, is between Rishi Sunak and Penny Mordaunt, with the former widely tipped for the top job.

But speaking during a visit to Buchanan Street Residential Children's House in Coatbridge, North Lanarkshire, on Monday, Ms Sturgeon said another wave of "horrific" austerity cuts will be "unleashed" on Scotland, regardless of who becomes prime minister.

BBC presenter taken off air after 'impartiality breach’

13:29 , Will Mata

BBC News presenter Martine Croxall has been taken off air following a potential breach of impartiality during Sunday night's edition of The Papers, the PA news agency understands.

During her introduction to the programme, which started at 10.30pm on Sunday around 90 minutes after Boris Johnson pulled out of the Tory leadership race, Croxall said: "Well this is all very exciting isn't it?" adding: "Am I allowed to be this gleeful? Well I am."

In her first question to her guests she also remarked: "Can we even show you the front pages just yet, have they arrived? No they haven't arrived. It's all a little bit, you know, lastminute.com isn't it? Because all the front pages were probably out of date by the time we received them."

Some viewers, including several Tory MPs reacting to a clip on social media, complained it displayed bias.

A statement from the broadcaster said: "BBC News is urgently reviewing last night's edition of The Papers on the News Channel for a potential breach of impartiality.

"It is imperative that we maintain the highest editorial standards. We have processes in place to uphold our standards, and these processes have been activated."

2pm deadline looms

13:45 , Miriam Burrell

It’s just minutes away from 2pm, the deadline for which Penny Mordaunt and Rishi Sunak have to reach 100 MP nominations to continue in the Tory leadership race.

Rishi Sunak reportedly has well over half of Tory MPs backing him. If Ms Mourdant does not reach the threshold, Rishi Sunak will become Britain’s next prime minister.

If she does, a first ballot result will be announced at 6pm on Monday, with a second at 9pm if required.

Penny Mordaunt drops out of race

14:00 , Miriam Burrell

Penny Mordaunt has pulled out of the race, making Rishi Sunak Britain’s new prime minister.

Rishi Sunak is new Prime Minister

14:03 , Miriam Burrell

Rishi Sunak is the only contender in the Tory leadership race to reach 100 nominations from MPs by 2pm on Monday, making him Britain’s new prime minister.

In July, he lost to Liz Truss and was resigned to the back benches.

But in an incredible turn of events on Monday afternoon, he has become leader of the Conservative Party and the UK’s new prime minister.

Penny Mordaunt: ‘Rishi has my full support'

14:07 , Miriam Burrell

Penny Mordaunt has conceded the Tory leadership race to Rishi Sunak and said he has her “full support”.

“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.

“Members should know that this proposition has been fairly and thoroughly tested by the agreed 1922 process.

“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.”

David Cameron congratulates Rishi Sunak

14:12 , Miriam Burrell

Former Prime Minister David Cameron has congratulated Rishi Sunak for becoming the UK’s first British Indian Prime Minister.

Rishi Sunak to address Tories

14:16 , Miriam Burrell

Rishi Sunak will address the Conservative Parliamentary Party at 2.30pm this afternoon in a Commons committee room, Sir Graham Brady confirmed.

The 1922 Committee chairman said that the new Tory leader will speak to MPs in Committee Room 14 later this afternoon.

Reaction to Rishi Sunak’s victory

14:20 , Miriam Burrell

MPs to hear from new PM

14:28 , Miriam Burrell

Tory MPs are filing into a Commons committee room, where they will shortly hear from new prime minister Rishi Sunak.

Penny Mordaunt, who pulled out of the race, has entered the room.

As she walked in she told journalists: “I’m good. I’m going to support the new PM”.

Rishi Sunak has ‘no mandate, no answers and no ideas’

14:32 , Miriam Burrell

Labour’s deputy leader Angela Rayner said Rishi Sunak has been crowned prime minister “without him saying a word about what he would do as prime minister”.

Meanwhile, SNP Westminster leader Ian Blackford demanded a general election.

King travels to London

14:34 , Miriam Burrell

King Charles III will be travelling to London this afternoon, as previously planned, from the private royal estate of Sandringham, it is understood.

But it appears unlikely His Majesty will host audiences at Buckingham Palace during Monday to accept the resignation of outgoing Prime Minister Liz Truss and appoint her successor Rishi Sunak.

Rishi Sunak from 'a very wealthy bubble’

14:37 , Miriam Burrell

On whether Rishi Sunak has the credentials to be a good prime minister, Liberal Democrats Treasury spokeswoman Sarah Olney told PA: “Honestly I don’t know, we haven’t seen a huge amount from him.

“I think he’s probably a bit out of touch, to be honest, he comes from a very wealthy background, lived in a very wealthy bubble.

“His background is as a banker, I worry that he probably doesn’t have enough experience of life as it’s experienced by the majority of voters in this country to really be able to respond to their concerns, but obviously we’ll wait and see.

“I want a general election, I don’t want Conservative Government to continue.”

Nicola Sturgeon: Sunak’s win ‘genuinely significant moment’

14:41 , Miriam Burrell

First Minister of Scotland Nicola Sturgeon said Rishi Sunak becoming “the first British Asian - indeed the first from any minority ethnic background - to become PM is a genuinely significant moment”.

“It certainly makes this a special Diwali,” she added.

Rishi Sunak greeted with applause

14:46 , Miriam Burrell

Rishi Sunak was greeted with a resounding banging of tables, applause and whistling as he arrived to give his first speech as Tory leader to Conservative MPs in a Commons committee room.

Rishi Sunak did not speak to a waiting crowd of reporters as he arrived to speak to Tory MPs for the first time as leader.

He is addressing the closed-door meeting this afternoon.

Deputy Labour leader Angela Rayner said Rishi Sunak was “already putting party before country” by addressing Tory MPs before the public.

Rishi Sunak’s speech ‘absolutely top drawer'

14:50 , Miriam Burrell

The new PM left the room to rapturous applause but did not speak to journalists. Former health secretary Matt Hancock said Mr Sunak’s speech was “absolutely top drawer”.

Tory MP Sir Gary Streeter said the address was the “best leader’s speech at the 1922 committee I have heard in 30 years at Westminster”.

“We made the right choice,” he added.

Pictured: Rishi Sunak with the 1922 Committee

14:52 , Miriam Burrell

Who is Rishi Sunak?

15:00 , Miriam Burrell

Rishi Sunak’s “coronation” as Tory leader less than two months after losing out to Liz Truss is the most rapid political comeback in modern history.

As a British Asian, he sets records as he will become the UK’s first prime minister who is not white, the first Hindu in the top job and, at 42, the youngest PM for more than 200 years.

Read more about Britain’s new prime minister here.

Liz Truss tells Rishi Sunak: ‘You have my full support’

15:07 , Miriam Burrell

Outgoing Prime Minister Liz Truss has congratulated Rishi Sunak. She will be Britain’s shortest serving prime minister.

Tory MPs call for unity

15:16 , Miriam Burrell

Deputy Prime Minister Therese Coffey, a close ally of Liz Truss, said that the Tory party must now get behind Rishi Sunak.

“We need to get behind him and I will do whatever I can to help support him in making sure that he is in the best place possible in his role as prime minister but also in winning the next election.”

Sajid Javid said: “Rishi got the warmest reception I have seen any new leader get. And there have been quite a few lately. Everyone understands the need for unity.”

Business Secretary Jacob Rees-Mogg, who previously referred to Rishi Sunak as a “socialist” for raising taxes when he was chancellor, has said he supports the new leader.

No early general election

15:18 , Miriam Burrell

Senior Tory MP Simon Hoare said that Rishi Sunak told the party on Monday that there will be no early general election.

Mr Sunak told Tory MPs they were facing a “tough period” of government with “no easy answers”.

The new Prime Minister did not directly address spending cuts as he spoke to the party after being elected Conservative leader.

MP Simon Hoare said: [Rishi] said this is going to be a tough period and there were no easy answers. This is not going to be an easy period of government.”

MPs gather at Tory Party HQ

15:29 , Miriam Burrell

Tory MPs are gathering on the steps outside the door to Conservative Party Headquarters in Westminster.

Watch: Sky News interrupted by protest

15:34 , Miriam Burrell

Rishi Sunak applauded at Tory Party HQ

15:38 , Lydia Chantler-Hicks

The new prime minister was cheered and applauded as he arrived at the Conservative Party Headquarters in Westminster.

Rishi Sunak waved at the crowd, shook hands and hugged supporters before he walked inside.

Tories ‘must now pull together’, says Home Secretary

15:46 , Lydia Chantler-Hicks

Home Secretary Grant Shapps called on the Conservative Party to “pull together” following Rishi Sunak’s victory.

He tweeted: “Great result for @RishiSunak. And the right result for the country.

“The Tory party must now pull together to restore economic stability and deliver for the British people.”

Mr Sunak acknowledges there are ‘no easy answers’ for Government

15:53 , Lydia Chantler-Hicks

Rishi Sunak told Tory MPs they were facing a “tough period” of government with “no easy answers”.

The new Prime Minister did not directly address spending cuts as he spoke to the party after being elected Conservative leader.

MP Simon Hoare said: [Rishi] said this is going to be a tough period and there were no easy answers. This is not going to be an easy period of government.”

Mr Hoare added that the new PM had ruled out an early election.

Rishi Sunak due to address nation shortly

15:58 , Lydia Chantler-Hicks

Mr Sunak is expected to address the nation from the Conservative Part headquarters imminently.

Rishi Sunak makes first address to the nation

16:10 , Lydia Chantler-Hicks

Mr Sunak has taken to the lectern at Conservative Party HQ to address the country after winning the Tory leadership contest.

He started by thanking outgoing Prime Minister Liz truss for her “dedicated public service to the country” and for leading “in dignity and grace under exceptionally difficult circumstances”.

Becoming PM is ‘the greatest privilege of my life’, says Mr Sunak

16:12 , Lydia Chantler-Hicks

Mr Sunak continues: “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.”

Sunak pledges to bring ‘party and country together'

16:15 , Lydia Chantler-Hicks

Mr Sunak acknowledged the economic turmoil the nation is currently facing, as her continued: “The United Kingdom is a great country but here is no doubt we face a profound economic challenge”.

“We now need stability and unity and I will make it myutmost priority to bring our party and our country together,” he said. “Because that is the only way we will overcome the challenges we face and build a better, more prosperous future for our children and our grandchildren.”

‘I will serve you with integrity and humility’ says incoming PM

16:16 , Lydia Chantler-Hicks

Ending his first, short speech since winning the race to become Tory leader and Prime Minister, Mr Sunak added: “I pledge that I will serve you with integrity and humility and I will work day in, day out to deliver for the British people.”

WATCH: Rishi Sunak’s full first public address since becoming Tory leader

16:19 , Lydia Chantler-Hicks

Timetable for transition of power not yet known

16:30 , Lydia Chantler-Hicks

The Prime Minister’s official spokesman says a timetable has not yet been decided for the transition of power to Mr Sunak.

“I can confirm that the transition won’t be taking place today,” the spokesman told reporters.

“Beyond that there are discussions ongoing between the outgoing PM, the incoming PM and the Palace with regards to timetable.”

The spokesman could not confirm whether Rishi Sunak would take Prime Minister’s Questions in the Commons on Wednesday.

“I can’t be definitive at this point,” the spokesman said.

Bystander calls for election as Rishi leaves CCHQ

16:31 , Lydia Chantler-Hicks

Rishi Sunak has left the Conservative Campaign Headquarters.

A large crowd of onlookers had gathered at the gates and, as he was driven off, a woman shouted “general election now”.

Indian PM congratulates Sunak

16:47 , Lydia Chantler-Hicks

Indian Prime Minister Narendra Modi said on Twitter: “Warmest congratulations @RishiSunak!

“As you become UK PM, I look forward to working closely together on global issues, and implementing Roadmap 2030.

“Special Diwali wishes to the ‘living bridge’ of UK Indians, as we transform our historic ties into a modern partnership.”

Labour: Tories 'can’t just keep doling out Prime Ministers’

16:51 , Lydia Chantler-Hicks

Deputy Labour leader Angela Rayner said the Tories “can’t just keep doling out prime ministers” as she demanded a general election.

She told broadcasters in Westminster: “Labour thinks that we should be having a general election.

“I think everybody who I’ve spoken to, the public, have said we should be having a general election.

“There is no mandate now. The Conservatives have completely broken their promises, broken our economy, and now they want to see a general election.

“They can’t just keep doling out prime ministers every month because they’re in total chaos and they’ve lost control of the markets and haven’t got any ideas of how they’re going to tackle the cost of living that people are facing.”

‘The British people deserve an election’ says deputy Labour leader

17:03 , Lydia Chantler-Hicks

Asked whether the country now needs the uncertainty of a general election, deputy Labour leader Angela Rayner told broadcasters: “What we’ve seen played out is a coronation here and not an actual election where people have a mandate to serve the British people of this country.

“Rishi Sunak was rejected by his own party membership only weeks ago.

“The people in this country now deserve us to go to the electorate to put our policies forward about how we’re going to deal with this cost-of-living crisis that the Conservatives have put upon the British people and let them have a vote.”

The rise of Rishi Sunak

17:31 , Lydia Chantler-Hicks

When Mr Sunak takes office, he is set to be the UK’s youngest, richest, and first Hindu PM.

For a full look back at his life, and a look forward to how his time in office might take shape, read our full wrap here.

Markets rally as businesses call for end to uncertainty under new PM

17:33 , Lydia Chantler-Hicks

Business leaders have called on Rishi Sunak to end recent “political and economic uncertainty” as markets rallied somewhat on his selection as the next prime minister.

After weeks of chaos following Prime Minister Liz Truss’s mini-budget, and months of uncertainty under her predecessor, businesses need more certainty on energy support and help finding workers and boosting international trade and exports, the British Chambers of Commerce said.

“The political and economic uncertainty of the past few months has been hugely damaging to British business confidence and must now come to an end,” said director general Shevaun Haviland.

“The new prime minister must be a steady hand on the tiller to see the economy through the challenging conditions ahead.”

Markets had largely already expected a Sunak victory before it was officially announced this afternoon - experiencing a rollercoaster day.

Shares on the FTSE 100 index of London’s biggest companies initially rose by as much as half a per cent, before falling to nearly 0.8% down. In the afternoon the FTSE recovered again, closing up 0.64% at 7,013 points.

The pound initially dropped in value against the dollar following the confirmation, before a volatile spell and ultimately finished in the red.

At the close of markets in London, one pound could buy 1.129 dollars, down slightly on the day.

The interest rate that the Government pays on its 30-year gilts dropped by 0.2 percentage points on the day to 3.8% and was largely unimpacted by the confirmation of Mr Sunak’s appointment.

Public favour Keir Starmer over Rishi Sunak, poll suggests

17:48 , Lydia Chantler-Hicks

Polling has indicated the struggle Rishi Sunak faces in winning back the public to the Tory party.

A YouGov poll of 12,000 adults between Friday and Sunday suggested Labour leader Sir Keir Starmer is favoured as the “best prime minister” in 389 constituencies compared to Mr Sunak coming out on top in 127.

WATCH: Deputy Labour leader says Sunak’s leadership ‘continuation’ of Tory problems

17:58 , Lydia Chantler-Hicks

Mixed reaction from Tory members

18:09 , Lydia Chantler-Hicks

Some Conservative Party supporters have cancelled their memberships following the announcement that Rishi Sunak is set to be prime minister.

While some felt “delighted” by the news, others said the move has left them “fuming” that party members were not able to vote for Mr Sunak to take over from Liz Truss.

Lyn Bond, a 60-year-old retired nurse who has voted Conservative since she was 18, sent an email to cancel her membership after it was confirmed the MP for Richmond will lead the party.

“The whole thing is rather sad because, for a party that had such a wonderful win in 2019, it has been destroyed from within,” said Ms Bond, from Bishop Auckland, Co Durham. “I can’t bring myself after 40 years to support them anymore, I don’t trust them.”

Meanwhile Tom Herman, from Hoveton, who is deputy chairman of North Norfolk Conservatives, said Mr Sunak’s road to becoming Conservative leader has been as “equally democratic” as a vote among party members.

Mr Herman told PA he is “delighted” that the leader has been selected so quickly, adding that Mr Sunak is “honest”.

Almost two-thirds of public want general election once Sunak becomes PM

18:15 , Lydia Chantler-Hicks

Almost two-thirds of voters want a general election before the end of the year, a poll has found.

Some 62% of people told polling company Ipsos that they wanted to see a general election held in 2022, once Rishi Sunak had taken office as Prime Minister.

The proportion of the public calling for a general election has increased since Liz Truss announced her resignation on Thursday.

At the beginning of August, 51% of people told Ipsos they would back a general election. The latest figures came from a survey of 1,000 adults between October Thursday and Friday.

Read more here.

Breaking: Rishi Sunak to become Prime Minister tomorrow

18:37 , Lydia Chantler-Hicks

Mr Sunak is to officially enter Downing Street as the UK’s new Prime Minister tomorrow (Tuesday) after meeting with King Charles in the morning, the BBC reports.

Sunak in Number 10 by noon Tuesday

18:47 , Robert Dex

The Guardian’s Pippa Crerar says Sunak will be PM before noon tomorrow.

Rishi Sunak to address the nation from Downing Street on Tuesday morning

18:52 , Robert Dex

Downing Street has now confirmed the schedule for tomorrow saying Liz Truss will chair her final Cabinet at 9am on Tuesday and make a statement outside No 10 at 10.15am.

Ms Truss will then go to Buckingham Palace to offer her resignation to the King.

The King will then meet new Conservative leader Rishi Sunak and invite him to form a government.

Mr Sunak will make a statement in Downing Street at 11.35am.

19:13 , Robert Dex

The scale of the problem facing Mr Sunak is revealed in new polling that shows more voters are disappointed he is taking over than are pleased at the news.

Polling firm YouGov found 41% were disappointed at his appointment with 38% pleased with the news.

More than half of voters want a general election

19:14 , Robert Dex

The same poll shows more than half of voters want the incoming Prime Minister to call a general election.

Could Sunak’s ‘competent’ approach worry Starmer?

19:17 , Robert Dex

One former Labour MP - Eric Joyce - said he thought Rishi Sunak “competent” approach to politics could cause problems for Keir Starmer and the opposition.

No let-up in the political diary for new PM

19:23 , Robert Dex

A look at the political diary reveals there will be no let up for the new Prime Minister once he takes office tomorrow with his first Prime Minister’s Questions the day after.

Next Monday October 31 is the date set by the outgoing Prime Minister, Liz Truss, and Chancellor Jeremy Hunt for the fiscal statement setting out how the Government intends to get the public finances back on track but it remains to be seen whether Mr Sunak will opt to stick to this timetable.

In November, he is expected to make his first international trips as prime minister, travelling to the Cop27 climate summit in Egypt in early November and to the G20 in Bali a week later.

Jeremy Hunt says Rishi Sunak will be honest about economic challenges facing the country

19:33 , Robert Dex

Chancellor Jeremy Hunt has congratulated Rishi Sunak on winning the Tory leadership race and said he “can be trusted” to be honest about “the huge economic challenges we face”.

Mr Hunt, who backed Mr Sunak in the race, tweeted: “Congratulations to @RishiSunak, our next prime minister.

“This is a time for honesty about the huge economic challenges we face, and courage in addressing them.

“We have a PM who can be trusted to do just that – and give us all confidence in the huge potential of our country.”

Joe Biden ‘looks forward to speaking with' Rishi Runak

21:05 , Lydia Chantler-Hicks

US President Joe Biden is looking forward to speaking with Rishi Sunak in coming days, says the White House.

Press secretary Karine Jean-Pierre says protocol means the president should to wait until after an incoming British prime minister has met with the British monarch and been formally invited to form a new government, before offering their congratulations.

“But President Biden looks forward to speaking with Minister Sunak in the upcoming days,” she added.

Sajid Javid argues election not needed

21:44 , Lydia Chantler-Hicks

Tory former health secretary Sajid Javid has argued against the need for an early general election, despite Rishi Sunak becoming the third Conservative prime minister since the 2019 vote.

“We live in a parliamentary democracy, we don’t have a presidential system,” he told ITV’s Robert Peston.

“The Conservative Party is the Party that won a majority and that majority still holds. And Rishi Sunak we shall see very soon when he becomes prime minister commands the majority in Parliament and that’s how our system works.

“I hear what you say about this is the third prime minister in a parliamentary term but, you know, prime ministers have changed in the past.

“When Gordon Brown became prime minister I don’t remember a single Labour MP then calling for a general election”.

Sajid Javid: First Asian PM ‘something we can all celebrate'

21:52 , Lydia Chantler-Hicks

Former health secretary Sajid Javid says Rishi Sunak becoming the first prime minister of Asian heritage is “something we can all celebrate”.

“I’ve always believed the UK is the most successful multiracial democracy on earth – and I think this takes it to a new level,” he told ITV’s Robert Peston.

“This is beyond politics and it’s something we can all celebrate.”

Mr Javid also said that if Conservative Party members are behind online abuse and racism, they should be expelled from the party.

“Of course they shouldn’t be in the Tory party. There’s no room for racism in the Tory party, there never will be,” he said.

A busy day in politics draws to an end

22:24 , Lydia Chantler-Hicks

That’s all from our politics live blog for today.

We’ll be back tomorrow for what is set to be another eventful day in British politics, as Rishi Sunak is made the UK’s new Prime Minister.

Goodnight.