BORIS JOHNSON WITHDRAWS FROM UK LEADERSHIP RACE TO REPLACE LIZ TRUSS, PAVING THE WAY FOR RISHI SUNAK TO BECOME PM: Sunak has said the UK faces a “profound economic challenge” in his first comments since being announced as the next prime minister.

He said he is “humbled and honoured” after he was selected by Conservative MPs to lead the party, and the nation, describing it as the “greatest privilege in my life”.

Mr Sunak also paid tribute to outgoing prime minister Liz Truss for her “dedicated public service”.

“The United Kingdom is a great country but there is no doubt we face a profound economic challenge,” he said in a speech delivered from the Conservative party headquarters in Westminster.

“We now need stability and unity and I will make it my utmost priority to bring our party and our country together.”

The former chancellor won the keys to Number 10 two months after losing out on the top job to Ms Truss.

His comeback represents a number of symbolic milestones: He will be the UK’s first Hindu prime minister, the first of Asian heritage, and the youngest for more than 200 years at the age of 42.

Sunak faces additional challenges: “an economic crisis, a parliamentary party that has been divided by recent events, a National Health Service that is at full stretch even before winter has begun and a war in Europe. To add to that, he starts more than thirty points behind Labour in the polls. His challenge now is to build an internal coalition. He must show that his will be a broad-based cabinet that will represent the talent in the party. He then needs to show a country which is thoroughly fed up with political drama that there will now be a period of competent, good government that begins to address the nation’s many problems.”