Rishi Sunak: ‘profound challenge’ faces next prime minister

Rishi Sunak became the last man standing in this Conservative leadership contest.

Just before 2pm, his last rival Penny Mordaunt announced she was dropping out.

Moments later Mr Sunak was confirmed as the new Conservative leader.

Tomorrow morning, he will formally take over as prime minister after seeing the King at Buckingham Palace.

He’ll face some formidable challenges – not least the cost of living crisis, energy prices and winning back the confidence of the markets.