Rishi Sunak set to become Britain’s next Prime Minister

Rishi Sunak is to become Britain's first Prime Minister of colour after winning the race to lead the Conservative Party. (Reuters)

The 42-year-old former finance minister will become Britain's third prime minister in less than two months. (Reuters)

His predecessor Liz Truss was brought down after just six weeks in office by her economic programme which roiled financial markets and pushed up living costs for voters. (AP Photo)

The election of Indian-origin Rishi Sunak as the United Kingdom's Prime Minister is “pretty astounding” and a “ground-breaking milestone”, United States President Joe Biden has said. PM Modi has also congratulated Rishi Sunak and said he looks forward to working closely together on global issues, and implementing Roadmap 2030.

New leader of Britain's Conservative Party Rishi Sunak walks outside the party's headquarters in London. (Reuters)

Rishi Sunak told his lawmakers in parliament on Monday that they faced an "existential crisis" and must "unite or die". "We now need stability and unity, and I will make it my utmost priority to bring our party and our country together," he said. (AP Photo)

Rishi Sunak, who will be appointed prime minister by King Charles on Tuesday, will also have to work hard to hold Britain's dominant political party together after some accused him of treachery earlier this year when he resigned from the cabinet of former leader Boris Johnson, triggering his downfall too. (AP Photo)

Rishi Sunak's appointment is another first for Britain - he will become the country's first prime minister of Indian origin. His family had migrated to Britain in the 1960s. (AP Photo)

Rishi Sunak attended Oxford University and Stanford University where he met his wife Akshata Murthy, whose father is Indian billionaire N R Narayana Murthy, founder of outsourcing giant Infosys Ltd. (Instagram/rishisunakmp)

Rishi Sunak and Akshata Murthy married in 2009 and have two daughters, Krishna and Anoushka. (Instagram/rishisunakmp)

"We are proud of him and wish him success," Infosys co-founder Narayana Murthy said in his first comments on the elevation of his son-in-law Rishi Sunak as Britain's prime minister. (AP Photo)

European shares rose on Monday on hopes the Federal Reserve could slow its pace of interest rate hikes, while investors welcomed Rishi Sunak's victory in Britain's prime ministerial race. (AP Photo)