Rishi Sunak warned that the UK faces a "profound economic challenge" in his first speech as the new Conservative leader and the next Prime Minister.
In a speech at Conservative Party headquarters, Mr Sunak said: "I am humbled and honoured to have the support of my parliamentary colleagues and to be elected as leader of the Conservative and Unionist Party. It is the greatest privilege of my life, to be able to serve the party I love and give back to the country I owe so much to."
Speaking about the turbulent times the country faces, the newly elected leader added: "The United Kingdom is a great country but there is no doubt we face a profound economic challenge. We now need stability and unity and I will make it my utmost priority to bring our party and our country together."
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He added: "I pledge that I will service you with integrity and humility", before stating that he will work day in and day out to "deliver for the British people."
Mr Sunak also paid tribute to Liz Truss, who beat him in the summer leadership election before she was forced to quit as Prime Minister after just six disastrous weeks in charge.
Mr Sunak said: "I would like to pay tribute to Liz Truss for her dedicated public service to the country. She has led with dignity and grace through a time of great change and under exceptionally difficult circumstances both at home and a abroad."
While Mr Sunak is leader of the Conservative party, following Penny Mordaunt's withdrawal from the contest earlier today, he is not yet officially the Prime Minister.
The Prime Minister's official spokesman said a timetable had not yet been decided for the transition of power. The spokesman told reporters: "I can confirm that the transition won't be taking place today.
"Beyond that there are discussions ongoing between the outgoing PM, the incoming PM and the Palace with regards to timetable."
The spokesman could not confirm whether Rishi Sunak would take Prime Minister's Questions in the Commons on Wednesday.
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