Rishi Sunak wins Tory race to become next prime minister

Liz Truss resigned after markets crashed following her Mini Budget

Elliot Gulliver-Needham
clock • 1 min read

The former chancellor Rishi Sunak has won the Conservative Party leadership race to become the next prime minister.

Sunak, who received backing from a majority of Conservative MPs, was the only candidate to achieve the threshold of 100 nominations. House of Commons leader Penny Mordaunt, the only other challenger in the race, worked to reach the threshold, but failed to qualify for the race, leaving Sunak as the only candidate and avoiding the need to put the vote to the Conservative party membership. She officially pulled out of the running at 2pm today (24 October) having failed to secure the necessary 100 nominations. Former prime minister Boris Johnson withdrew from the race yesterday (23 Oc...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Trump's presidency and tariffs: Advice industry shares views

Trump's presidency and tariffs: Advice industry shares views

‘Stark raving mad’ but ‘great’ for US firms

Isabel Baxter
clock 18 February 2025 • 4 min read
Five-fold surge in advisers buying gilts for clients in 2024

Five-fold surge in advisers buying gilts for clients in 2024

AJ Bell finds 436% increase in gilt purchases on its Investcentre

Isabel Baxter
clock 10 February 2025 • 1 min read
Bank of England cuts interest rates by 25bps to lowest level in 18 months

Bank of England cuts interest rates by 25bps to lowest level in 18 months

First MPC meeting of the year

Sorin Dojan
clock 06 February 2025 • 3 min read