Rishi Sunak makes his first address as he's set to become the newest British prime minister hours after the 1922 committee of the Conservative Party announced Monday that he had been elected leader after his rivals dropped out of the race.

At 42, Sunak would be the youngest leader of a G20 country and the first person of colour to hold the office of British prime minister.

At least 100 MPs were required to become a candidate and MPs will vote to narrow the field down to two, at which point party members were expected to cast their vote on who will lead the party following the resignation last week of Liz Truss.

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