Rishi Sunak has completed a spectacular political comeback to become the next prime minister after rival Penny Mordaunt failed to win the backing of Tory MPs.
The former chancellor won the support of Conservative colleagues to succeed Liz Truss as Tory leader on Monday and will enter Downing Street less than two months after he lost the last race.
Mr Sunak will be the UK’s first Hindu prime minister, the first of Asian heritage, and the youngest for more than 200 years at the age of 42.
He will be formally appointed to the role in a handover of power overseen by the King within the coming days.
Ms Mordaunt, the Commons Leader, bowed out of the race as she failed to get the 100 nominations from Tory MPs required by the 2pm deadline.
With Boris Johnson having ditched his own bid at a comeback, Mr Sunak will enter No 10 unopposed and avoid an online ballot of the Conservative members that rejected him for Ms Truss last month.
He now has the daunting task of leading the nation through an economic crisis only exacerbated by the chaotic legacy of Ms Truss, who was ousted after only six weeks in office.
The King was understood to be travelling to London on Monday afternoon from the private royal estate of Sandringham.
But it appears unlikely Charles will host audiences at Buckingham Palace on Monday to accept Ms Truss’s resignation and to then appoint her successor.
In a statement posted online two minutes before the deadline, Ms Mordaunt said her opponent now has her “full support”.
“These are unprecedented times.
“Despite the compressed timetable for the leadership contest it is clear that colleagues feel we need certainty today,” she said.
“They have taken this decision in good faith for the good of the country.
“Members should know that this proposition has been fairly and thoroughly tested by the agreed 1922 process.
“As a result, we have now chosen our next prime minister.”
Sir Graham Brady, who as chairman of the 1922 Committee of backbench Conservatives was overseeing the contest, said he received only one valid nomination form.
“Rishi Sunak is therefore elected the next leader of the Conservative Party,” he added.
Sources in the Mordaunt camp said she got 90 nominations, though the number of those who publicly announced their backing of her fell far short of this.
Mr Sunak was to hit the ground running by addressing Conservative MPs behind closed doors in the House of Commons half an hour after his victory was announced.
Opposition parties renewed their calls for a general election, as the Tories move on to their third prime minister since the last public vote in 2019.
Deputy Labour leader Angela Rayner said: “Rishi Sunak has no mandate and no idea what working people need.
“We need a general election so the public get a say on the future of Britain – and the chance for a fresh start with Labour.”
SNP Westminster leader Ian Blackford made the same demand and said his party would back Labour in a vote of no confidence if they tabled one.
Business Secretary Jacob Rees-Mogg, the Johnson-backer who once derided Mr Sunak as a “much-lamented socialist chancellor”, said he will “support his leadership” and urged “now is the time for party unity”.
Conservative Party chairman Sir Jake Berry called for an end to Tory infighting, saying: “Now is the time for the whole party to come together and unite four-square behind Rishi, as he gets on with the vital work of tackling the challenges we face as a country.
“The time for internal debates is well and truly over, and led by Rishi Sunak, I know we can and will deliver on the priorities of the British people.”
James Cleverly, who had backed Mr Johnson to return to No 10 less than two months after he left in a series of scandals, called for an anticipated Cabinet overhaul to feature the best ministers rather than focus on loyalists.
The Foreign Secretary told Sky News: “We have got to have the first 15 on the pitch. I know that Rishi understands that.”