Rishi Sunak has been elected leader of the Tory party and will be the next prime minister after Penny Mordaunt pulled out of the race. By the 2 m. deadline, 197 Tory MPs – half of the party – had come out for him. Just 27 had gone public for Mordaunt: her team said that anonymous endorsements took this to 97. Given that only Sunak qualified, the final numbers will never be known. He speaks to Tory MPs at 2.30 m.in private.
It is a remarkable turnaround for Sunak
It is a remarkable turnaround for Sunak. Last month, he lost the Tory leadership election to Liz Truss. But the vindication of his economic warnings has changed the political landscape. With government borrowing costs spiking and the chaos of the past few weeks, he came to be seen as the man to restore stability and calm to the situation. The UK gilt yield (the effective government costs) fell sharply today.
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