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Rishi Sunak to be UK's next prime minister as only rival drops out of race

Rishi Sunak, the United Kingdom's former chancellor of the exchequer, is set to become the country's next prime minister, as his only rival Penny Mordaunt dropped out of the leadership race on October 24.

This will make Sunak the first person of Indian-origin to occupy the top political seat at 10 Downing Street. The 42-year-old, who headed the finance ministry under former PM Boris Johnson, will also be the youngest prime minister to head Britain.

Sunak will be replacing Liz Truss, who had edged past him in the prime ministerial race last month. She was forced to resign following a short 45-day tenure, as her support base evaporated over the failure to address the UK's economic woes.

Sunak, who has stated his goal of fixing the country's economy, has received the support of at least half of the 357 lawmakers of the ruling Conservative Party.