Rishi Sunak will take charge as Britain’s first Indian-origin Prime Minister after an audience with King Charles III on Tuesday, a day after he was elected the new leader of the Conservative Party in a historic leadership run. Outgoing Prime Minister Liz Truss will chair her final Cabinet meeting at 10 Downing Street on Tuesday morning before she makes her way to Buckingham Palace to formally tender her resignation to the 73-year-old monarch.

Sunak, 42, will then arrive at the palace for his meeting with the King, who will formally anoint him as the UK’s new Prime Minister. The former chancellor will then make his first prime ministerial address on the steps of 10 Downing Street, expected to be joined by wife Akshata Murty and daughters Krishna and Anoushka. "The UK is a great country, but there is no doubt we face a profound economic challenge," said Sunak in his first address as Prime Minister-elect on Monday.