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New PM Rishi Sunak: UK faces 'profound economic challenge'
01:21

Former finance minister Rishi Sunak is set to become the UK's next prime minister after winning the Conservative leadership race on October 24.

He will take over as prime minister from Liz Truss, who quit last week after 45 tumultuous days in office, leaving a staggering economy and a shell-shocked and divided party. Sunak will now be asked by King Charles III to form a government.

His challenge is enormous as he tries to unite a demoralized and divided party that trails far behind the opposition in opinion polls and seeks to shore up an economy reeling after Truss' brief but disastrous experiment in libertarian economics.

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