Rishi Sunak will be the UK's next prime minister after winning the Conservative Party leadership contest
No 10 says Sunak will formally take over as PM tomorrow morning after meeting King Charles, and will give a statement at around 11:35
That'll follow a final cabinet meeting chaired by outgoing PM Liz Truss at 09:00, and a statement from her at around 10:15
In a brief address earlier, Sunak warned the country faced "profound economic challenges"
He will become the UK's first British Asian PM and at 42, the youngest leader in more than two centuries
Labour has repeated calls for a general election, echoed by the Scottish National Party, the Liberal Democrats, and the Green Party
But, immediately after being selected by Tory MPs, Sunak ruled out an early election and warned his party they had to "unite or die"
The ex-chancellor, who oversaw the nation's finances during the Covid pandemic, was the only contender to gain enough support from MPs to stand for the job
The next UK prime minister, Rishi Sunak, is giving a statement to fellow Tory MPs at Conservative HQ in London.
You can watch by clicking play at the top of the page, and we'll bring you all the updates here.
Prime Minister Liz Truss's spokesperson has just said the transition, which will see Rishi Sunak become the new prime minister, will not happen today.
The Green Party is among the opposition parties which have urged Rishi Sunak to call a general election.
“The country cannot afford more divisive infighting amongst a few elitist Conservatives whose policies are failing people struggling with the cost-of-living crisis," Green Party co-leader Adrian Ramsay said.
“Even Conservative Party MPs and members have been excluded from the vote this time.
“People need to be democratically involved in finding solutions. This must include a general election, and the opportunity to elect more Greens committed to a more equal society and solving the environmental crisis."
But Sunak has ruled out calling an early general election.
We're expecting to hear in a few minutes from Rishi Sunak, the incoming PM.
These will be his first public remarks since winning the Conservative leadership contest. He did speak to fellow Tory MPs earlier, although cameras weren't allowed in the room - something that was criticised by the Labour Party.
WATCH: Sunak arrives to cheers and hugs at Tory HQ
The next prime minister, Rishi Sunak, is greeting fellow Tory MPs at Conservative Party headquarters.
There are handshakes and hugs and he's waving to the cameras.
"Thank you guys," he says, as he gives a thumbs up and walks into the building.
Image source, Reuters
Image source, PA MediaMPs and Tory supporters gather outside Conservative Campaign HQ, in London.
They are waiting to hear from their new leader Rishi Sunak.
He's expected to make a speech shortly.
Image source, ReutersAt 42, Rishi Sunak will be:
Assuming the handover happens tomorrow, Liz Truss will have been prime minister for seven weeks, or 49 days.
Ione Wells
Political correspondent
Image source, PA MediaSpeaking after Sunak's victory, a Labour source told me: "You're not allowed to vote for him and you're not allowed to see his first speech".
The party also had this to say:
“This is the same Rishi Sunak who as chancellor failed to grow the economy, failed to get a grip on inflation, and failed to help families with the Tory cost-of-living crisis.
"It is the same Rishi Sunak whose family avoided paying tax in this country before he put up taxes on everyone else.
“With his record - and after Liz Truss comprehensively beat him over the summer - it’s no wonder he is dodging scrutiny.
“Rishi Sunak has no mandate and no idea what working people need.
"We need a general election so the public get a say on the future of Britain – and the chance for a fresh start with Labour.”
More reaction now to Rishi Sunak's victory, this time from Jacob Rees-Mogg.
The current business secretary, who backed Liz Truss in the summer leadership contest and Boris Johnson this time around, says he "will support [Sunak's] leadership".
"Now is the time for party unity and I congratulate Rishi Sunak on his victory," Rees-Mogg, who previously referred to Sunak as a "socialist" for raising taxes when he was chancellor, adds in his tweet.
Only a few posts below that sits an image Rees-Mogg published three days ago, external, which includes the hashtag #BorisOrBust, and above that a post , externalin which he called on Conservatives to "bring Boris back".
Johnson stood down from the contest last night.
It's not been that long since we last saw a Conservative PM replace another - with Boris Johnson heading out of Number 10 Downing Street and Liz Truss heading in less than two months ago.
Now that the Conservative Party has decided on Rishi Sunak as the UK's next prime minister, we'll see some of the same choreography:
Image source, PA MediaAs we've been reporting, Rishi Sunak has been addressing Tory MPs inside a Parliament committee room.
The meeting has been held in private, but we do have an image of the new Conservative leader - seen here flanked by members of the influential 1922 Committee - a group of backbench Tory MPs which organises the selection process.
Navtej Johal
Reporting from Leicester
Rishi Sunak’s ascent to the highest office in the land is a significant moment for British Asians.
The 42-year-old has parents of Indian descent and becomes the first British Asian prime minister of the UK.
Speaking to a group of young British Asian students at De Montfort University in Leicester earlier, they all agreed that this was a positive step for ethnic minorities in the UK.
One told me he was “inspired”, comparing it to Nelson Mandela or Barack Obama becoming president of their respective countries.
However, their views were tinged with concern too. Would Rishi Sunak be able to replicate his popularity among Conservative MPs with the wider public at a general election? Or would his race hold him back?
If and when he makes a mistake, will his background be held against him? And if his policies are unpopular, will that lead to a backlash against South Asians in the UK?
These are some of the questions and worries they expressed on a historic day.
Ione Wells
Political correspondent
Tory MP Simon Hoare said Rishi Sunak addressed MPs and said this was going to be a tough period and there were no easy answers.
He added: “He is going to hit the ground running, we have no time to lose.
"He said certainly there will be no general election.
"He can understand why opposition parties are asking for one.
"He’s not a politician who says ‘what problems? There aren’t any’, he’s one that says 'there are, give us the patience to sort them out'.”
Outgoing Prime Minister Liz Truss has congratulated Rishi Sunak for succeeding her as leader of the Conservative Party.
Truss - who announced her resignation after just 45 days in No 10 on Thursday - says Sunak has her full support.
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David Wallace Lockhart
BBC political correspondent
After addressing his MPs, the new Conservative Party leader Rishi Sunak bumped into the (current) Foreign Secretary James Cleverly on one of parliament’s staircases.
The pair shook hands and embraced. That’s probably not a bad sign for a foreign secretary who’s made it obvious he’d like to stay in his current role, despite initially supporting Boris Johnson.
Marching through the corridors of parliament, Sunak also bumped into a former Tory leader Theresa May.
She appeared to congratulate him. I wonder if she also gave him some advice on what he can expect when he moves into 10 Downing Street.
Image source, Getty ImagesMore reaction from Westminster's opposition parties to the news that Rishi Sunak will be the UK's next PM.
SNP Westminster leader Ian Blackford has demanded a general election now.
"The Tories cannot be allowed to impose a third prime minister without a general election, voters must get a say and the SNP is determined to ensure they do," he said.
"The Tory government had no mandate to trash the UK economy with its disastrous budget.
"And it has no mandate to install yet another leader who will impose devastating austerity cuts, making households pay through their teeth for Tory mistakes."
Blackford said he had written to Labour leader Sir Keir Starmer to say the SNP would back a vote of no confidence in the government if he tabled one.
But with the Tory government currently holding a majority of more than 70 MPs, that would be unlikely to succeed.
Sean Coughlan
BBC News, royal correspondent
King Charles is going to head back to London this afternoon from Sandringham, his estate in Norfolk.
According to palace sources, this isn’t a change of plan in response to today’s news about the next occupant of 10 Downing Street, but was an arrangement already in place.
There’s no timetable announced yet, but there will have to be an audience between King Charles and the new PM, Rishi Sunak, as well as the outgoing PM, Liz Truss.
These meetings will be in the traditional setting of Buckingham Palace, rather than Balmoral, where last month Liz Truss travelled to meet the late Queen.
Ione Wells
Political correspondent
The deputy prime minister Therese Coffey, Liz Truss’s best ally in politics, spoke to me and others outside the meeting where Rishi Sunak just addressed his fellow Tory MPs.
She said it was “absolutely critical that the Conservative Party comes together and we put our full force behind Rishi as prime minister.”
“A lot of people in there supported other people in the past.
“The parliamentary party is behind Rishi Sunak.”
She added: “Of course” she is “sad my best friend in politics Liz is moving on.”
But she said it was “critical we deliver on all the things we need to do.”
When asked "Is he an election winner?" she laughed and said “he certainly won an election this week”, adding: “I will do whatever I can to support him."
Ione Wells
Political correspondent
“I haven’t seen the party that united in months.”
“I haven’t seen the party that united in several years.”
“We are all feeling very buoyant. Everyone I’ve spoken to today has a spring in their step.”
Just some of the reaction from backbench Tory MPs coming out of the meeting with Rishi Sunak.
Labour's deputy leader Angela Rayner says Rishi Sunak will become the UK's next prime minister without him "saying a word" about what he plans to do in No 10.
Reiterating Labour's call for a general election, Rayner adds , externalSunak is "already putting party before country" in holding a closed-door address to Tory MPs this afternoon.
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