RISHI SUNAK will be the next Prime Minister after rival Penny Mordaunt dropped out of the race this afternoon.
The feat demonstrates a major political comeback as he enters Downing Street less than two months after he lost the election to former PM Liz Truss.
Mr Sunak will be the UK’s first Hindu prime minister, the first of Asian heritage, and the youngest for more than 200 years at the age of 42.
Ms Mordaunt, the Commons Leader, bowed out of the race as she struggled to get the 100 nominations from Tory MPs required by the 2pm deadline.
In a statement she said the decision to elect Sunak was "an historic one and shows, once again, the diversity and talent" of the Conservative party.
"We all owe it to the country, to each other and to Rishi to unite and work together for the good of the nation. There is much work to be done."
Former prime minister Boris Johnson ditched own bid at a comeback last night, paving the way for Sunak to enter No 10 unopposed.
His decision also led to the avoidance of an online ballot of the Conservative members that rejected him for Ms Truss last month.