Rishi Sunak

Newly confirmed finance minister Jeremy Hunt must keep investors calm about Britain's debt mountain, avoid causing a deep recession and work out a way to stop the Conservative Party from splintering again - and all of it by next Monday.

Rishi Sunak unveiled his top team of ministers on Wednesday, hours after taking office as Britain's first prime minister of colour vowing stability.

Rishi Sunak said on Tuesday he was not daunted by the scale of the challenge as he became Britain's third prime minister in two months, pledging to restore trust, rebuild confidence and lead the country through an economic crisis.

Rishi Sunak on Tuesday became Britain's third prime minister this year and the first person of colour to lead the former imperial power, vowing to overcome a "profound" economic crisis he blamed on the "mistakes" of Liz Truss's calamitous 49-day tenure.

Sterling rose on Tuesday supported by improved risk sentiment as Rishi Sunak prepared to become Britain's prime minister, while the euro steadied ahead of an expected rate hike by the European Central Bank (ECB) on Thursday.

Sunak's parents may have been born in East Africa, but his cultural affinity lies with his Indian roots.

Rishi Sunak is set to become Britain's first prime minister of colour on Tuesday, an achievement that many, particularly in the Asian community, held up as a cultural milestone standing out above the economic chaos and political tumult.

Johnson had hinted when resigning in July that he would likely attempt a second stint in office -- though even his allies would have thought it unlikely so soon.

Investors welcomed Rishi Sunak as Britain's new prime minister on Monday, but they're likely to give him little leeway to diverge from spending restraint and tax rises after his predecessor shook their faith in the Conservative party's management of the economy.

Elected for the first time to parliament in 2015, Rishi Sunak became Britain's youngest prime minister in more than 200 years on Monday, tasked with steering the country through an economic crisis and mounting anger among some voters.

Earlier Sunday, Sunak formally announced he was standing for the top job, just weeks after having failed in a first attempt.

Fabulously rich from his pre-politics career in finance, he has been mocked as out of touch with Britons struggling with decades-high inflation.

Johnson cut short a luxury stay in the Dominican Republic to join the seemingly three-way tussle, with allies saying he was "up for it."

Boris Johnson and his former finance minister Rishi Sunak were leading potential contenders to replace British Prime Minister Liz Truss on Friday, with candidates canvassing support to become Conservative Party leader in a fast-tracked contest.

Rishi Sunak has entered the picture once more after losing to Truss during their bid to replace Boris Johnson.

Rishi Sunak, Truss's defeated rival for the party leadership, and her scandal-tainted predecessor Boris Johnson are among many senior MPs staying away from the conference in Birmingham.

If it's not the pictures of her standing atop a tank in a nod to Conservative leader Margaret Thatcher, it's the moment when she vented her anger over cheese imports into Britain that made Liz Truss something of a household name.

Johnson, who was forced to quit after losing the support of dozens of his ministers, bids farewell from Downing Street before jetting to northeast Scotland to see the 96-year-old monarch.

Truss, 47, has described her ascent towards the top of British politics as a "journey" that has seen her criticised for being ambitiously opportunistic.

Liz Truss is expected to be named leader of the governing Conservative Party and Britain's next prime minister on Monday, poised to take power at a time when the country faces a cost of living crisis, industrial unrest and a recession.

Truss, 47, has consistently enjoyed overwhelming support over Sunak in polling of the members.

As with many other aspects of British politics, ethics advisers and the code they abide by do not exist as part of written law.

British prime ministerial candidate Rishi Sunak was seen performing a "Gau Puja" (cow worship) in London last weekend.

Truss, 47, has described her ascent towards the top of British politics as a "journey" that has seen her criticised for being ambitiously opportunistic.

Johnson, 58, famously signed off his final performance as prime minister in the House of Commons by telling MPs: "Hasta la vista, baby".

An estimated 200,000 Tory grassroots have been able to vote since earlier this month for their preferred candidate, before postal and online ballots close on Friday.

Former finance minister Rishi Sunak, one of two candidates vying to be Britain's next premier, criticised the way outgoing Prime Minister Boris Johnson handled the COVID-19 pandemic.

The two candidates battling to be Britain's next prime minister vied to present themselves as defenders of Scotland's place in the United Kingdom on Tuesday, promising more scrutiny of Scotland's government to undermine a new push for independence.

Identifying prejudice is a longstanding difficulty for pollsters. Survey respondents are unlikely to admit they are prejudiced against ethnic minorities, because it is seen as socially undesirable.

Liz Truss, front-runner to be Britain's next prime minister, will set out her economic plans to finance sector officials on Friday, including scrapping legacy EU laws by the end of 2023.