The former Chancellor of the Exchequer will become Britain’s third prime minister in seven weeks, and the first prime minister from a British-Asian background in history.
His rival, former British Prime Minister Boris Johnson dropped out of the Tory leadership race Sunday night. Sunak’s other rival Penny Mordaunt withdrew from the contest two minutes before the deadline of the leadership race nomination deadline.
Speaking to BBC after the announcement, Britain’s Foreign Secretary James Cleverly, who had originally backed Johnson to be leader, said, “I think what we have all wanted is for the government to be relentlessly focused on the domestic and the international issues that confront us all. Stability, focus on good government. These are absolutely the right things. And now that we know we have got some certainty, I think it’s a very positive move.
“Sunak was the candidate with the most experience. He’s smart and talented, and I have no doubt that he will build a team that focuses on what we should always be focused on, which is the British people,” Cleverly added. The pound continued to rally before the Tory leadership race was announced, as the market was bullish that Sunak was set to become the next prime minister. The value of sterling climbed as high as $1.1401 against the U.S. dollar in early Asia trading.