Rishi Sunak has been confirmed as the new Tory leader and will become UK’s next prime minister.
The former chancellor will succeed Liz Truss in the top job after Penny Mordaunt backed out of the race in the final minutes.
Mr Sunak was nominated by a majority of Tory MPs to lead the Conservatives and will now form a government and appoint ministers.
His success comes less than two months after he failed in his last bid to lead the party.
The ex-treasury chief said he was best-placed to lead the country when Ms Truss quit and got a major boost on Sunday evening when Boris Johnson ruled out a return.
His focus will be to restore economic calm after a period of financial turmoil which has seen rising interest rates.
He will also make history as the UK’s first ever Hindu prime minister.
In his first speech after being chosen as prime minister, he warned the UK faces a “profound economic challenge” ahead.
He said: “We now need stability and unity. I will make it my utmost priority to bring my party and my country together.”
Labour leader Keir Starmer and Nicola Sturgeon have both demanded a general election after Mr Sunak become the third prime minister this year.
SNP Westminster chief Ian Blackford said: “The Tories cannot be allowed to impose a third Prime Minister without a general election.”
Leadership rival Penny Mordaunt said Mr Sunak would have her “full support” and urged Conservatives to unite behind him.
He was also congratulated by Scottish Tory leader Douglas Ross, who said he looks forward to working with him.
Mr Sunak will be tasked with uniting a highly divided Conservative Party, which has slumped far behind Labour in the polls.
He will oppose a second independence referendum, continue the Tory Levelling Up agenda north of the border, and oversee the introduction of two green freeports in Scotland.
Mr Sunak first became an MP in 2015 and was elevated to chancellor in early 2020 just before the Covid pandemic struck.
He was responsible for the furlough scheme in place during lockdown.