Following Penny Mordaunt's departure from the leadership race, Rishi Sunak will now become Prime Minister.
However, the appointment is not automatic, at least not officially. Before being brought in as the next leader of the country, Mr Sunak and his predecessor Liz Truss have to jump through a few constitutional hoops.
Firstly, Ms Truss needs to meet with King Charles and inform him in person that she is going to resign. Following this, Mr Sunak will also have to meet the King where he will then be asked to form a government under the Royal name.
Read more: LIVE as Rishi Sunak becomes UK Prime Minister after Penny Mordaunt withdraws
However, this will not happen today. While it's been confirmed that the King will be traveling to London this afternoon from the private royal estate of Sandringham, it seems unlikely that he will host an audience at Buckingham Palace today to accept the resignation of Liz Truss.
Because of this, it is likely that the audience will happen tomorrow (Tuesday), by which point Mr Sunak will officially be the next Prime Minister. It means Mr Sunak will be the third Prime Minister in less than two months, with the difficult task of stabilising the economy, uniting his fractured party, and uniting the country in support.
The Prime Minister's official spokesman said: "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.
“I can’t be definitive at this point,” the spokesman said.
Rishi Sunak warned that the UK faces a “profound economic challenge”, in his first speech as Conservative leader.
In a speech at Conservative Party headquarters, he 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.
“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.”
He also paid tribute to Liz Truss for her “dedicated public service”.
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