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Rishi Sunak will take office as British Prime Minister after meeting King Charles III

It would have faced a daunting task if not for this upheaval: the UK is already mired in a daunting cost of living crisis which means millions of people could struggle to eat and heat their homes this winter.

Now he must seek to fix that, as well as undo the damage done by the quickly reversed experiment with “Trussanomics”.

At 42, Sunak will be the youngest prime minister in over 200 years. The son of Hindus of Indian descent from Africa, he is also the country’s first ethnic minority leader in 140 years, following Prime Minister Benjamin Disraeli in the 1800s, who was of Jewish origin but practicing Christian.

Although Sunak is a former banker, it is thanks to his wife’s father, an Indian software tycoon, that the couple sit on an estimated fortune of 730 million pounds ($825 million) – making them more rich as the king and Camila, the queen consort.

Having a new prime minister is usually a big deal in the UK

It happened just four times between Margaret Thatcher in 1979 and David Cameron in 2010. But Britons can be forgiven for being far more weary today, with Sunak the fifth Tory Prime Minister in just over six years .

The latest wave of upheaval began in July when Boris Johnson was forced to resign after a series of scandals prompted mass resignations from his government. Sunak, his finance minister at the time, was the first of them.

He was also the favorite to replace Johnson but was surprisingly beaten by Truss, whose tax cuts were more popular among the 200,000 Conservative Party members. Now, after Truss’ quick resignation and Johnson’s failed comeback offer, Sunak has the top job.

In the UK, the party with the most legislators in the House of Commons can appoint a new leader without holding a national election.

This dynamic has drawn criticism from the centre-left opposition Labor Party, but with Labor soaring in the polls and Tories demoralized, Sunak should focus on stabilizing markets and his colleagues .

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