On camera, the moment Rishi Sunak arrived at 10 Downing Street as UK PM-designate

Rishi Sunak 10 Downing Street: A happy Rishi Sunakn arrives at 10-Downing Street, London after being announced as next UK Prime Minister. His party members, already present at the venue, welcomed him with a round of applause.

Watch: A happy Rishi Sunakn arrives at 10-Downing Street, London after being announced as next UK Prime Minister. His party members, already present at the venue, welcomed him with a round of applause.

The Prime Minister-in-waiting said that he was "humbled and honoured" to be elected leader of the Conservative Party with the support of his fellow MPs but stressed there are major economic challenges ahead.

Sunak was on Monday chosen leader of the party, and the Prime Minister, as his only challenger Penny Mordaunt dropped out of the race shortly before the deadline for nominations, due to lack of necessary support (the backing of 100 MPs). Former Prime Minister Boris Johnson, who is considering a second stab at the job, on Sunday evening announced that he had decided not to run again.

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