King Charles III invited Rishi Sunak to form a government, and therefore, Sunak is now officially the prime minister of the United Kingdom.

The king and Sunak met at Buckingham Palace shortly after Liz Truss’ resignation was accepted. In the constitutional monarchy of Britain, the monarch appoints officials in a ceremonial capacity.

On Tuesday, Sunak is anticipated to work quickly appointing a Cabinet and dealing with the economic crisis that has millions of Britons scrambling to pay their energy and food bills.

Also read: Rishi Sunak’s first statement as UK PM: ‘Will serve with integrity and humility’

He will also work to unify a divided government party as the third prime minister of the Conservatives this year.

The ruling Conservative Party chose Sunak, the country’s first leader of colour, as its leader on Monday as it works to stabilise the economy and its own declining popularity following Liz Truss’ brief and disastrous tenure.

Seven weeks to the day after being named prime minister by Queen Elizabeth II, Truss left after making a public statement outside 10 Downing St. Two days later the queen passed away. Before requesting Sunak to form a cabinet, her now-king son would assume the formal task of accepting Truss’ resignation at Buckingham Palace.

As Britain continues “to battle through a storm,” Truss wished Sunak success.

Also read: Liz Truss pledges full support to Rishi Sunak as he becomes UK’s new Prime Minister

In addition to trying to unify a demoralised and divided party that is far behind the opposition in polls, Sunak, the 42-year-old British leader who is the youngest in more than 200 years, must also attempt to stabilise an economy that is on the verge of recession and reeling from his predecessor’s experiment in libertarian economics.

His top priorities will be selecting Cabinet members and getting ready for the budget statement, which will outline how the government intends to raise billions of dollars (or pounds) to close a budget gap brought on by skyrocketing inflation, a weak economy, and Truss’ unstable economic experiments.

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If Sunak retains Treasury chief Jeremy Hunt in his position, the announcement, which is expected to include tax rises and spending reductions, is currently scheduled to be delivered in Parliament on Monday.

Until July, Sunak served as the Treasury Secretary for two years. On Monday, Sunak stated that Britain confronts “a profound economic challenge.”

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Just a few weeks after losing to Truss in the Conservative election to succeed the late Prime Minister Boris Johnson, Sunak achieves an amazing turn of events and becomes prime minister. In the summer, party members favoured her promotion of tax reductions above his exhortations to control inflation.