Rishi Sunak set to become new UK PM

Former British finance minister Rishi Sunak will be Britain’s next prime minister after his rivals quit the race, which analysts said had relieved some of the nervousness around the outlook for the UK economy, boosting domestic markets.

The 42-year-old will become the country’s third prime minister in less than two months, after his predecessor, Liz Truss, was brought down after just six weeks in office by an economic program that roiled markets.

Sunak has yet to speak publicly but told Conservative lawmakers his first priority was delivering economic stability, and then he would look to fulfill the party’s 2019 election promises, lawmaker Iain Duncan Smith said.

The pound bounced back into positive territory against the dollar, having briefly turned negative, while consumer-sensitive stocks pushed the blue-chip FTSE 100 higher on the day.