Former British finance minister Rishi Sunak is set to become the next prime minister as he was elected as Conservative Party leader unopposed on Monday.
The race to find a successor to Liz Truss took a dramatic turn on Monday as Sunak's lone remaining rival Penny Mordaunt dropped out of the party leadership race, unable to ensure the support of 100 Tory MPs that was necessary for candidacy.
Boris Johnson had also pulled out of the contest to lead the Conservative Party saying, "You can't govern effectively unless you have a united party in parliament."
For comments and feedback contact: editorial@rttnews.com
Political News
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.