Rishi Sunak is set to become the UK’s Prime Minister replacing his once leadership rival Liz Truss as the country faces a severe economic crisis. The former UK Chancellor Rishi Sunak gained the support of his party to bag the top post becoming the first Indian-origin Prime Minister of the UK.

Nearly 200 Conservative MPs publicly backed the former chancellor ahead of the nomination deadline on Monday.

Commons Leader Penny Mordaunt dropped out after failing to secure enough support among MPs.

The new Prime Minister is expected to take office in the coming days now the result of the Tory leadership contest is known.

Sunak’s coronation, in effect, as Tory leader caps a rapid political comeback by the former chancellor after he lost out to Ms Truss in the last leadership contest during the summer.

Truss - whose tax-cutting agenda Mr Sunak dismissed as “fairytale economics” - tweeted to congratulate him and offer her “full support”.

Mordaunt withdrew from the latest contest minutes before the result was announced, admitting it was “clear that colleagues feel we need certainty today”.

“This decision is an historic one and shows, once again, the diversity and talent of our party,” Ms Mordaunt wrote in a tweet. “Rishi has my full support.”

Conservative Party Chairman Jake Berry said it was time for the party to “unite four-square behind Rishi” after a period of intense political turmoil under Ms Truss’s premiership. Born in UK’s Southampton to an Indian family, Rishi Sunak is the son of a pharmacist mother and a National Health Service (NHS) general practitioner father.

Rishi Sunak will be the youngest UK Prime Minister in modern history at the age of 42 years. The Richmond MP is a year younger than David Cameron - who was 43 when he took office. Tony Blair was also 43 when he became Prime Minister in 1997. Going back in history- all the way to 1783, there is only one Pime Minister younger than Rishi Sunak.

William Pitt the Younger was just 24 when he took on the role. - BBC