1. Rishi Sunak is the third Prime Minister UK had in seven months. Liz Truss — who pipped him to the post in the party’s internal election and succeeded Boris Johnson — quit on October 20 after only 45 days in office.

2. Mr Johnson, who entered the race again last week, cutting short a Caribbean holiday, ended his bid for the post yesterday in a surprise decision. He said he would not be able to lead “a united party in parliament”.

3. The other contender, Penny Mordaunt, failed to secure the numbers and dropped out of the race. Mr Sunak has the support of 142 members of the parliament – far above the 100-mark required to bag the top job.

4. “I want to fix our economy, unite our party and deliver for our country,” the Indian-origin former chancellor had said in a short statement.

5. Liz Truss had quit the top post after her plan for a mini-budget — featuring massive unfunded tax cuts — spooked markets. “Given the situation, I cannot carry out the mandate for which I was elected,” she had told the media.

6. UK is facing an economically toxic combination of recession and rising interest rates. Critics blame the economic downturn on the Conservative Party and what they call its “series of miscalculations”.

7. The pound rose briefly today as it became clear that Mr Sunak will be the next Prime Minister.

8. Rishi Sunak had criticised Liz Truss’s tax-cutting agenda during the contest for leadership earlier this year. He said he would cut taxes only after bringing inflation under control. He had also outlined a plan to cut income tax from 20% to 16% by 2029.

9. Rishi Sunak has also backed the independence of the Bank of England and stressed the importance of government policy working alongside the central bank to tame inflation, not exacerbating it.

10. Mr Sunak’s being named to the UK top post on Diwali has elated many in India, where he is better known through his wife. Akshata Murty is the daughter of Infosys co-founder Narayana Murthy.

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