Sunak is at a meeting with King Charles III. Britain’s leader

LONDON (AP) — Rishi Sunak is said to be from King Charles III on Tuesday. to be installed as the third British Prime Minister of the year before appointing a cabinet to deal with Britain’s economic and political crisis.

Sunak, Britain’s first colored leaderwas elected leader of the ruling Conservative Party on Monday, which is trying to stabilize the economy and its own falling popularity after Liz Truss’ short, disastrous tenure.

Truss will depart outside 10 Downing Street after a brief public statement, seven weeks to the day after she was appointed Prime Minister by Queen Elizabeth II. The queen died two days later. Now her son will take on the ceremonial role of accepting Truss’ resignation at Buckingham Palace before calling on Sunak to form a government.

Sunak – at 42 the youngest British leader in more than 200 years – must try to prop up an economy teetering towards recession and reeling after his predecessor’s experiment in libertarian economics, while trying to prop up a demoralized and divided one unite a party that lags far behind the opposition in opinion polls.

His top priorities will be appointing cabinet ministers and preparing a budget statement outlining how the government plans to raise billions of pounds (dollars) to fill a budget hole created by rising inflation and a sluggish economy this exacerbates Truss’s destabilizing economic experiments.

The statement, which will include tax hikes and spending cuts, is currently due to be made in Parliament by Chief Financial Officer Jeremy Hunt on Monday – if Sunak keeps him in the job.

Sunak, who was chief financial officer for two years until July, said on Monday Britain was facing “a profound economic challenge”.

Sunak becomes Prime Minister in a remarkable turnaround just weeks after losing to Truss in a Conservative election to replace former Prime Minister Boris Johnson. Party members this summer chose their tax cut campaign over his warnings that inflation must be tamed.

Truss admitted last week that she couldn’t go ahead with her plans – but only after their attempts had unleashed market chaos and exacerbated inflation, at a time when millions of Britons were already grappling with rising borrowing costs and soaring energy and food prices.

The party is now desperate for someone to put the ship back on track after months of chaos under Truss and Johnson, who quit in July after becoming embroiled in ethics scandals.

Sunak was elected leader of the Conservatives after being the only candidate to clear 100 nominations from other MPs for the party election. Sunak defeated rival Penny Mordaunt, who may land a job in his government, and the ousted Johnson, who had rushed back from a Caribbean vacation to rally support for a comeback bid but failed to garner enough support to run.

As well as stabilizing Britain’s economy, Sunak must seek to unify a governing party that has been embittered by its slump in the polls.

Conservative lawmaker Victoria Atkins, a Sunak ally, said the party would “settle down” under Sunak.

“We all understand that we really need to stand behind Rishi now – and in fairness the party has done just that,” she told radio station LBC.

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Follow all of AP’s coverage of British politics at https://apnews.com/hub/british-politics

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