British foreign secretary Liz Truss will become the next Prime Minister after defeating former Chancellor of the Exchequer Rishi Sunak in the Conservative Party's leadership contest.
In a tight final Conservative leadership ballot on Monday, Truss won 57 percent of the Party members' votes, while Sunak of Indian origin won 43 percent of votes.
Truss will become Prime Minister on Tuesday after meeting Queen Elizabeth at Balmoral Castle in Scotland.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.