After both of the top contenders in the contest to succeed Liz Truss withdrew before any votes were cast among Conservative party members, Rishi Sunak is now set to become the next prime minister of Britain.

Liz Truss’ policy suggestions surrounding tax cuts and expenditure damaged the government’s credibility and alarmed markets, thus he emerged in the most recent leadership contest as a safe set of hands to lead the U.K. He is regarded as a centrist and pragmatic politician.

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Sunak will be both the first non-white and Asian-origin British to hold the position of prime minister. He will serve as the youngest prime minister in more than 200 years at the age of 42.

Sunak will be appointed prime minister by King Charles on Tuesday. 

On Monday, he warned his legislators in parliament that they were facing an “existential crisis” and that they needed to “unite or die.” He declared that the nation was facing “a profound economic challenge.”

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

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The multi-millionaire former hedge fund manager will be expected to implement significant spending cutbacks in an effort to restore Britain’s fiscal credibility at a time when the nation is experiencing one of the most challenging economic downturns in recent memory due to the rising cost of food and energy.

Recent Truss mini-budgets drove up borrowing prices and mortgage rates, drove away investors, and ultimately led to her collapse. Prior to Sunak’s win, British government bonds fiercely rallied, and subsequently increased their gains on Monday.

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He will also have to put in a lot of effort to maintain the dominance of Britain’s political party after some accused him of betraying the party earlier this year when he left the cabinet of former leader Boris Johnson, precipitating his own downfall.