Rishi Sunak will officially be the next UK Prime Minister

Rishi Sunak will officially become the UK's next Prime Minister. 

The MP for Richmond and former Chancellor of the Exchequer officially entered the leadership contest over the weekend following Liz Truss' resignation on Thursday. 

"The United Kingdom is a great country but we face a profound economic crisis," Sunak posted to social media to announce his candidacy. "That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister."

He continued: "I want to fix our economy, unite our Party and deliver for our country."

Competing against him for the position at Number 10 were former Prime Minister Boris Johnson and Leader of the House of Commons Penny Mordaunt, but with the backing of over 100 Conservative MPs, Sunak was the frontrunner from the start.

Boris Johnson withdrew from the race on Sunday evening, and Penny Mordaunt announced her last minute withdrawal this afternoon, leaving Rishi Sunak to become the next Conservative leader and Prime Minister

Sunak narrowly missed out on the position six weeks ago, coming in second place to Truss in the leadership contest to replace Boris Johnson over the summer. It was during this campaign that he predicted that Truss' tax plans would harm the economy - something that has now been proven true and is one of the reasons why she has been forced to resign.

"I have spoken to His Majesty The King to notify him that I am resigning as leader of the Conservative Party," Truss announced in a brief statement outside 10 Downing Street last Thursday. "This morning I met the chairman of the 1922 Committee Sir Graham Brady. We have agreed that there will be a leadership election to be completed within the next week.

"This will ensure that we remain on a path to deliver our fiscal plans and maintain our countries economic stability and national security. I will remain as Prime Minister until a successor has been chosen."

Rishi Sunak is expected to take on the role of Prime Minister with immediate effect. 

We will continue to update this story.