Rishi Sunak was officially elected as the Prime Minister of the United Kingdom today, in this regard, Liz Truss will chair her final cabinet at 9 am before going to the palace to resign.

The British Prime Minister's office has now announced by publishing a statement that Rishi Sunak's inauguration ceremony will be held in Buckingham Palace on Tuesday evening with the presence of British monarch Charles III.

Rishi Sunak has become the Conservative party leader, after the result of the first round of the leadership contest was announced on Monday afternoon.

Sunak is one of the wealthiest politicians in Westminster and is set to be Britain’s first leader of color and the nation's third leader just this year. He will be asked to form a government by King Charles III, replacing Liz Truss, the outgoing leader who only lasted 44 days in the job before she resigned.

His only rival, Penny Mordaunt, conceded and withdrew after failing to reach the nomination threshold of 100 Conservative lawmakers needed to stay in the race.

Sunak lost out to Truss in the last Conservative election, but his party now appears eager for a safe pair of hands to tackle soaring energy and food prices and a looming recession. The politician steered the economy through the coronavirus pandemic, winning praise for his financial support for laid-off workers and shuttered businesses.