Rishi Sunak Wins Vote to Become U.K.’s Next Prime Minister After Liz Truss Resigns

Sunak, the first person of color to become U.K. leader, is expected to calm markets.

Former Chancellor Rishi Sunak, who warned that Liz Truss’s economic plans for Britain were a “fairy tale,” won the contest to succeed her as prime minister on Monday, taking over the world’s sixth-biggest economy at a time of deep financial and political turbulence.

Mr. Sunak will formally enter Downing Street after his only remaining rival for the job, former Defense Minister Penny Mordaunt, said she would drop out of the contest. Mr. Sunak is expected to meet with King Charles III to be formally appointed prime minister on Tuesday, government officials said.

More From The Wall Street Journal (subscription required):