Rishi Sunak named as new leader of UK Conservatives after rivals quit leadership race | LIVE

The 1922 committee of the Conservative Party announced Monday that Rishi Sunak had been named leader and the next prime minister of the U.K. after his rivals quite the race.

At 42, Sunak is the youngest leader of a G20 country, and is first person of colour to hold the office of British prime minister.

He is expected to address his party at approximately 2:30 p.m. local time.

At least 100 MPs were required to become a candidate and MPs will vote to narrow the field down to two, at which point party members are expected to cast their vote on who will lead the party following the resignation last week of Liz Truss.

The committee said that they had received only one contender, resulting in Sunak becoming party leader automatically.

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