Sir Graham Brady, chairman of the 1922 Committee declared that?Rishi Sunak will be the next leader of the Conservative Party and the next Prime Minister.?

Rishi Sunak will be the first ever Indian-origin Prime Minister of the UK. Known as a devout Hindu, Sunak's win is going to be considered as a Diwali gift for the Indians staying in the UK.?

In his first address as Tory leader after being elected unopposed, Sunak said his priority would be to bring the country together and said he was "humbled and honoured" to get the “greatest privilege” of his life to give back to the country “I owe so much”.

"The UK is a great country, but there is no doubt we face a profound economic challenge," said Sunak, with reference to the economic turmoil he is inheriting following outgoing prime minister Liz Truss' disastrous tax-cutting mini-budget last month.

"We now need stability and unity and I will make it my utmost priority to bring our party and our country together; because that is the only way we will overcome the challenges we face and build a better, more prosperous future for our children and our grandchildren," he said from the Conservative Party headquarters near Parliament.

"I pledge that I will serve you with integrity and humility and I will work day in day out to deliver for the British people," said Sunak, the third prime minister this year in Britain.

As per the reports of the BBC, former PM Liz Truss is going to seek an appointment on Tuesday of His Majesty to tender her resignation. Truss served as the Prime Minister for just 45 days becoming the shortest-serving PM of the country.?

In the final moment, calling for the staibility and the unity of the party Mordaunt said, "These are unprecedented times. Despite the compressed timetable for the leadership contest it is clear that colleagues feel we need certainty today. They have taken this decision in good faith for the good of the country."

Evoking the 1922 process of Tory Party, she showed her full support to Rishi Sunak. "This decision is an historic one and shows, once again, the diversity and talent of our party. Rishi has my full support," Mordaunt added.?

She also pointed out that there is much work to be done and said, "I am proud of the campaign we ran and grateful to all those, across all sides of our party, who gave me their backing. We all owe it to the country, to each other and to Rishi to unite and work together for the good of the nation. There is much work to be done."?

With Liz Struss stepping down as Prime Minister after just 45 days in office and now former PM and Sunak's former boss Boris Johnson removing his claim to the seat, Sunak was?only facing competition from leader of the Commons Penny Mordaunt, the only other contestant in the race.??

Here are the top developments that led to Sunak attaining poll position in the race to become next UK PM:

Sunak secures support

Sunak's renewed attempt to contest for the post of PM on Sunday, weeks after losing out to Liz Truss, bore success with the Tory MP gathering support of 193 members?far beyond the?100-mark required to win the contest. Several high-profile Tory MPs have switched allegiance from Johnson to Sunak, including former Home Secretary Priti Patel and cabinet ministers James Cleverly and Nadhim Zahawi.

Patel, the Indian-origin former minister who resigned from the Cabinet when Liz Truss was elected the Prime Minister last month, earlier said the Tories must put political differences aside to give Sunak the best chance of succeeding as the new leader.

Boris Johnson opts out

Sunak's chances of winning the contest became stronger after the surprise announcement by former PM and frontrunner in the race Boris Johnson.

In a dramatic announcement on Sunday, Johnson?confirmed he would be pulling out of the contest, saying it was “simply not the right time” for his comeback. Johnson said that though?had met the “high hurdle” of 102 nominations, enough to make the shortlist in time for the Monday deadline, he had decided not to proceed in the interest of party unity.

Sunak and Johnson have a long history of working together and the Tory MP was regularly?touted as Johnson's?heir apparent. The?lockdown law-breaking partygate scandal, however, ultimately brought their partnership to a halt in July when Sunak’s resignation from Cabinet set events in motion that ended in Johnson’s own exit.

Later, the?duo found themselves pitched against each other in a face off for the top job in British politics. After Johnson bowed out, Sunak posted a tweet praising the leadership of his former boss who he claimed had led the nation through some of its toughest challenges including?Brexit, Covid vaccine rollout and the war in Ukraine.

A win for migrants and Hindus in UK

Born in the UK to a family of an?Indian-origin general practitioner Yashvir and his pharmacist wife Usha, Sunak has?spoken extensively of his migrant roots during the last campaign and also referenced making history by lighting Diwali diyas at 11 Downing Street as the first Indian-origin Chancellor of the Exchequer.?"Sixty years after my Naniji boarded a plane in East Africa, on a warm sunny evening in October, her great-grandaughters, my kids, played in the street outside our home, painted Rangoli on the doorstep, lit sparklers and diyas; had fun like so many other families on Diwali. Except the street was Downing Street, and the door was the door to No. 11,” said Sunak, in his campaign video a few months ago.?As a devout Hindu, Sunak is a regular at the temple where he was born in Southampton and he claims that?his daughters, Anoushka and Krishna, are also rooted in the Indian culture.

A nation in need of an economic fix?

As Sunak has won unopposed, he will now be in charge of leading the UK out of the most perilous phases of its economy. While he?faces the tough task of trying to unite a deeply divided Tory party,?Sunak's?private sector experience at Goldman Sachs and as a hedge fund manager seem to lend him the aura of someone who can be trusted in the face of harsh economic headwinds, further bolstered by his prescient warnings over Truss’ unfunded tax cuts.

Sunak seems to be enjoying he support of the markets. With?Johnson dropping race for?Tory leadership and?Sunak becoming the top prime miniterial contender, the?pound gained on the dollar on Sunday. Government borrowing costs have also recorded a dropped when?markets opened after the dramatic events of the?weekend.

In a short statement that is being read as a confirmation to his widely expected candidacy, Sunak said,?"I want to fix our economy, unite our party and deliver for our country".?

He stood firm on his focus on inflation rather than any vote-winning tax cut promises to woo a traditionally low-tax favouring Conservative Party membership base. "I will get taxes down in this Parliament, but I'm going to do so responsibly. I don't cut taxes to win elections, I win elections to cut taxes,” he declared.

Highlighting his track record in?helping to steer the economy through the toughest of times with the Covid-19 pandemic, the former finance minister promises to bring "integrity, professionalism and accountability at every level of the government" that he leads. "I will work day in and day out to get the job done. I am asking you for the opportunity to help fix our problems,” he said.

(With inputs from PTI)