Treasury minister Victoria Atkins said the UK Government must adopt a ‘fiscally responsible’ approach while it supports businesses and people.
The next prime minister will start assembling a top team that he will hope can return a measure of stability to the country.
The Government had committed to signing a deal by the time Diwali took place on Monday.
Here is a timeline of the recent political crises which engulfed the leadership of two prime ministers and ultimately led to their downfall.
The former chancellor spoke at Conservative Party headquarters. Here is a transcript of his address.
The turnover of prime ministers has speeded up in recent decades.
The First Minister said she would try to foster a good working relationship with Rishi Sunak.
The former chancellor will become the first non-white prime minister, the first Hindu in the top job and also arguably the richest occupant of No 10.
As Rishi Sunak was named leader, calls for an election increased.
Scotland’s First Minister said it is undemocratic for the Conservative party to change their leadership again without an election.