Rishi Sunak is set to become the next UK Prime Minister after Penny Mordaunt dropped out from the running.
The former chancellor was selected by MPs to succeed Liz Truss as the next Tory leader after Mourdaunt followed Boris Johnson by withdrawing from the running.
Two minutes before nominations closed, Mordaunt tweeted that she had withdrawn from the race and that Sunak had her “full support”.
— Penny Mordaunt (@PennyMordaunt) October 24, 2022
Five minutes after, Graham Brady, chair of the Conservative backbench 1922 Committee, announced: “I can confirm that we have one valid nomination, and Rishi Sunak is elected as leader of the Conservative party.”
Sunak, who came second to Truss in this summer’s leadership contest, will be the the first British Asian prime minister, and the youngest in more than a century at the age of 42.
He will likely take over from Truss on Tuesday after meeting the King at Buckingham Palace.
According to the BBC, he was greeted by applause and banging on desks as he arrived to address Tory MPs after the result.
Speaking about Sunak’s election, Jon Collins, CEO live music advocacy and support organisation LIVE, said: “The economic climate remains extremely challenging for our sector and we are looking forward to interventions which ease cost pressures and increase disposable income.
“As a priority, we are calling for the reintroduction of the 5% rate of VAT on ticket sales and hope that the new PM’s experience in the Treasury leaves him well placed to recognise the economic stimulus that would follow. Safeguarding gigs, festivals and venues while encouraging additional activity will bring benefits to town and city centres across the UK.”
Truss announced her resignation as PM last week after just 44 days in office, saying that she “recognised that I cannot deliver the mandate on which I was elected by the Conservative Party”.