Image source, PIB HANDOUT/EPA-EFE/REX/Shutterstock

Indian Prime Minister Narendra Modi has sent his "warmest congratulations" to Rishi Sunak following the news of his victory in the Tory leadership contest.

Modi says he looks forward to working closely with the new UK prime minister to tackle global issues and implementing what he calls "Roadmap 2030" - an agreement struck last year between the UK and India to increase trade and ease migration of young adults between the two countries.

Reflecting on Sunak becoming the first British Asian prime minister, Modi writes: "Special Diwali wishes to the 'living bridge' of UK Indians, as we transform our historic ties into a modern partnership."

Chris Mason
Political editor

For the second time this autumn, news of another new prime minister.

A sentence that tells you everything about the shuddering turbulence of contemporary British politics - a turbulence that will either ease, allowing Rishi Sunak a fighting chance, or continue howling around and so render the colossal task that awaits him impossible.

Conservative MPs are insisting they will unite around him. But, then again, I remember hearing similar promises just seven weeks ago when Liz Truss won.

Sunak inherits a nightmarish soup of political and economic gloom: a divided party, 12 years into government, seemingly addicted to internal squabbles, grim public finances, spiralling prices, a war in Europe.

Much of this swirl of problems confronted - and then finished off - his predecessor Truss. Her contribution was to inadvertently make the political and economic challenges all the greater.

The opposition parties at Westminster will step up their calls for an imminent general election. For now at least, that looks unlikely; only a prime minister or a majority in parliament can haul the date forward, and there's little appetite among Tory MPs, whose party's opinion poll ratings are dire.

Tonight, the Sunak era beckons. Recent precedent suggests it could prove bumpy, unpredictable and loaded with difficult decisions.

Sunak will hope politics quietens somewhat. Even if it does, it’s still likely to be pretty loud.

Image source, PA Media

Wales' First Minister Mark Drakeford said he hopes to "work constructively" with Rishi Sunak as he congratulated him on becoming the UK's next prime minister.

Writing on Twitter, external, Drakeford said: "Llongyfarchiadau [Congratulations] Rishi Sunak.

"The UK desperately needs a period of stability and cooperation to focus on the many challenges we face.

"I hope we're able to work constructively together to support people through these difficult times in a way that your predecessors didn't allow."

We've now heard words from the PM but not detailpublished at 17:38 British Summer Time 24 October 2022

17:38 BST 24 October 2022

David Wallace Lockhart
BBC political correspondent

Rather remarkably, Rishi Sunak managed to become Tory Party leader without speaking publicly during the campaign. That's just one reminder of how bizarre the past week or so has been.

So there was a lot of anticipation in advance of his statement from Conservative HQ.

What can we say? Well, first of all, it was short. And it didn't get into the weeds of the policies he's likely to pursue once he's prime minister (which won't happen today, but could happen tomorrow).

He acknowledged that the country faces "profound" economic challenges.

This is likely to dominate his time in office, with an economic plan still scheduled for 31 October.

There may well be some harsh measures in this to try and improve the UK’s financial outlook.

Sunak called for "unity" in his party. That's been in short supply lately for the Conservatives, but perhaps him ultimately being the sole candidate in this leadership contest could help him assert authority.

The incoming prime minister also said a period of "stability" was needed.

The incoming PM pledged to serve with "integrity and humility". That's something many Tory MPs think may have been missing in recent years.

So we now have some words from the new Tory leader, but we’re some way short of knowing in detail what action he’s going to take as prime minister.

Conservatives have broken their promises and broken the economy, says Labour’s deputy leader.

Speaking a little earlier, Angela Rayner repeated her party's call for a general election, saying the Tories could not "keep doling out prime ministers every month".

She added that Rishi Sunak was "rejected" by his own party members a few weeks ago when he lost the leadership race to Liz Truss.

Many of you have been sending in comments reacting to the news that Rishi Sunak will be the next UK prime minister. Here are some of them:

Philip Sim
BBC Scotland political correspondent

Image source, Reuters

Perhaps the one pledge Liz Truss was able to follow through on from her leadership campaign was to “ignore” Nicola Sturgeon - she never had a formal meeting or even a phone call with the Scottish first minister.

It seems unlikely her successor Rishi Sunak will take this same approach, but he has not been much warmer about the SNP leader.

In the summer Tory leadership contest, he said it would be “dangerously complacent” to ignore Sturgeon, given the “existential threat” her party poses to the union.

He has described the idea of a fresh referendum on independence as “quite frankly barmy”, saying he couldn’t see circumstances where he would back one.

All of this goes down extremely badly with Scottish ministers, who bristle at any notion of a “Westminster power grab” of Holyrood responsibilities.

So while Sunak may make more of an effort to speak to Sturgeon, she has been clear that she will be making every effort to get shot of him in short order - either via a general election or independence.

Read more.

Scotland's first minister earlier tweeted her congratulations, external to Rishi Sunak.

Nicola Sturgeon pledges to build a "constructive working relationship" with the new PM.

She says the fact he will become the first British Asian to become PM is a genuinely significant moment.

However, she reiterated her calls for a general election.

Unsurprisingly, there's been a lot of reaction to the news former chancellor Rishi Sunak is set to replace Liz Truss as prime minister of the UK from as early as tomorrow.

The BBC's Newscast team have made an emergency episode, asking and answering: how did Rishi Sunak get here, what will he actually do as PM and what challenges will he face?

The BBC's Laura Kuenssberg gives her instant take, alongside Adam Fleming and Chris Mason.

Listen in here.

Fiona Trott
Reporting from Wakefield, West Yorkshire

In a city that was promised so much at the last election, people now want results from a prime minister they didn’t elect at all.

Like many constituencies that used to rely on manufacturing and mining, Wakefield wants investment and development.

The "levelling up" agenda is how the Conservatives won this "red wall" seat at the last election. But it went back to Labour in this year's by-election.

On the shopping streets today, some voters say they hope the former chancellor - whose furlough scheme got them through the pandemic - can help them through the cost-of-living crisis now.

Others say he’s "too rich" to understand why they are struggling.

And they are struggling. Shopkeeper Attif Aziz told us he sells school uniforms at cost, just to help local families.

In the past three years, people here voted for change. They also got it today, but they’re unsure if they will see and feel the difference.

One man told us: “We will always be the north and they will always be the south.”

Damian Grammaticas
Political correspondent

Rishi Sunak - after his first televised address as Tory leader - left Conservative HQ smiling and with a wave to the small crowd that had gathered.

There were shouts from the crowd of "happy Diwali".

A few minutes earlier, one Conservative MP leaving the building told me: "We have a grown up in charge now."

Another said: "At last I can look my constituents in the eye and say I can back what the government says".

And yet another commented: "There is a groundswell of optimism in the party now".

A short while ago, Rishi Sunak gave a short speech - his first as the new Conservative leader and the next prime minister of the UK.

He paid tribute to his predecessor Liz Truss, and said the country faced a "profound economic challenge".

Image source, PA Media

In the last half an hour, we heard from Rishi Sunak - the UK's next prime minister.

Here's a quick recap of what's been happening.

• In a short televised address, his first as Tory leader, Sunak paid tribute to outgoing PM Liz Truss and warned that the UK faced a "profound" economic crisis
• Sunak said he intended to serve with "integrity and humility"
• A spokesperson for Truss said she would remain in Downing Street for at least another day, and that there would be no transition of power today
• Earlier, Penny Mordaunt - Sunak's Tory leadership rival - withdrew from the contest just moments before the deadline for nominations to be submitted. Sir Graham Brady, the chairman of the 1922 Committee which organised the contest, confirmed only one nomination had been received
• Opposition parties have greeted Sunak's victory with fresh calls for an early general election - something the incoming PM has been quick to rule out

That was a very brief statement from the incoming PM - but read on for a summary of what he's previously said about three key issues facing the country.

Brexit

Sunak campaigned for leaving the European Union in the lead up to the 2016 referendum, gathering a reputation as a staunch supporter of the project in the build up to that vote.

During the summer leadership election, he said he wanted to "fix" the Northern Ireland protocol, reform all EU laws still in place by next general election and scrap inherited EU financial regulations.

Economy and tax

The former chancellor was the driving force behind the rise in corporation tax from 19% to 25%, and the (now scrapped) rise in National Insurance - but has said he aims to bring down taxes overall in the future when it's practical.

In his first bid to become PM, Sunak suggested scrapping the 5% VAT on domestic energy bills for next year and cutting the lower rate of income tax - currently 20% - by 1% from April 2024.

Sunak has also spoken extensively about the need to bring down government debt, and was very critical over the summer of Liz Truss's plans to pay for tax cuts via extra government borrowing.

Immigration

Sunak has pledged to stick with the government's Rwanda policy - which aims to send some cross-Channel migrants to the east African country, but is currently undergoing legal challenges.

The Home Office says the policy will work by deterring those using "illegal, dangerous or unnecessary methods" - such as on small boats or hidden in lorries - from claiming asylum in the UK instead of other safe countries like France.

Sunak has also said the overall number of asylum claims should be capped, and the rules of who is eligible to apply for asylum must be legally tightened.

This was the moment earlier when the incoming prime minister arrived at the party's head office.

Rishi Sunak was cheered and hugged by MPs and staff.

"I pledge that I will service you with integrity and humility," Sunak says.

He adds that he will work day in day out to "deliver for the British people" - bringing a very short statement to a close.

Rishi Sunak says the UK is a great country but faces "profound" economic challenges.

He calls for stability and unity.

Sunak says he is "humbled and honoured" to have the support of his fellow MPs and be elected leader.

"It is the greatest privilege of my life to be able to serve the party I love and give back to the country I owe so much to."

Rishi Sunak takes to the podium for his first public address as Tory leader.

He starts by paying tribute to Liz Truss for her "dignified" leadership "under difficult circumstances abroad and at home".