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The Government had committed to signing a deal by the time Diwali took place on Monday.
He will become the next prime minister after Penny Mordaunt failed to win the support of Conservative MPs.
The former chancellor becomes the new Tory leader after Penny Mordaunt failed to win the backing of MPs.
He will become the UK’s first Hindu PM after his rival failed to get the support of 100 colleagues.
The 42-year-old would also be the country’s first non-white PM.