Rishi Sunak makes first public address since winning Tory leadership contest

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

The incoming prime minister made his first public remarks two hours after he was elected in the Tory leadership contest unopposed. His rival Penny Mordaunt dropped out of the race in the final minutes before nominations closed.

Mr Sunak praised Liz Truss, who remains as prime minister until she offers her formal resignation to King Charles.

Live: Incoming PM Rishi Sunak warns of profound economic challenges