Rishi Sunak to become the next UK prime minister as rivals quit race

BREAKING: Rishi Sunak will become Britain's next prime minister after other candidates quit the race to lead the Conservative Party

Sunak, one of the wealthiest politicians in Westminster, will be asked to form a government by King Charles, replacing Liz Truss, the outgoing leader who only lasted 44 days in the job.

The pound and British government bond prices jumped briefly on news of Mordaunt's withdrawal, but soon returned to their previous levels. The multi-millionaire former hedge fund boss would be expected to launch deep spending cuts to try to rebuild Britain's fiscal reputation, just as the country slides into a recession, dragged down by the surging cost of energy and food.

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