[Jimbuna]

Rishi Sunak will be the UK's next prime minister after winning the Conservative Party leadership contest.

Sunak will formally take over as PM tomorrow morning after meeting King Charles, No 10 says.

In a brief statement earlier, Sunak warned the country faced "profound economic challenges"

He will become the UK's first British Asian PM and at 42, the youngest leader in more than two centuries.

Labour has repeated calls for a general election, echoed by the Scottish National Party, the Liberal Democrats, and the Green Party.

But, immediately after being selected by Tory MPs, Sunak ruled out an early election and warned his party they had to "unite or die"

The ex-chancellor, who oversaw the nation's finances during the Covid pandemic, was the only contender to gain enough support from MPs to stand for the job.