Rishi Sunak is declared the next leader of the UK Conservative Party, to become next UK Prime Minister. (Photo: AFP/VNA)

Shortly before that, Sunak’s only official competitor Penny Mordaunt, the Conservative leader in the House of Commons, announced she would withdraw from the race and would fully support Sunak as leader of the Conservative Party.

Conservative Party Chairman Jake Berry called on the Conservatives to unite and support Sunak as he takes on the responsibility of addressing the challenges facing Britain.

Sunak said his top priority wil be to ensure national economic stability, followed by delivering on the Conservative Party's promises in the 2019 election. In a speech to Conservative MPs, Sunak ruled out a general election.

Sunak, 42, becomes UK’s third Prime Minister in less than two months, the first British Prime Minister of color, and the youngest person to take the office in more than 200 years. In his new position, Sunak will be responsible for bringing stability to the UK after months of political instability and economic crisis.