"I will unite our country not with words but with action."
Rishi Sunak has accepted King Charles III’s invitation to form a government.
He is the first British-Indian Prime Minister and the youngest for more than 200 years at the age of 42.
Mr Sunak won the Tory leadership contest without a vote being cast after rivals Penny Mordaunt and Boris Johnson dropped out of the race, in a stunning turnaround from his loss to Liz Truss just weeks ago.
Outside 10 Downing Street, he gave his first address as PM.
He paid tribute to Liz Truss, who resigned as PM just 44 days into the job.
Mr Sunak said: “It is only right to explain why I’m standing here as your new Prime Minister.
“I want to pay tribute to my predecessor, Liz Truss. She was not wrong to want to improve growth in this country.
“She was not wrong to want to improve growth in this country – it is a noble aim.
“I admired her restlessness to create change – but some mistakes were made.
“Not born of ill-will or bad intention – quite the opposite in fact. But mistakes, nonetheless.
“I will unite our country not with words but with action. I will work day in and day out to deliver for you.
“This government will have integrity, professionalism, and accountability at every level. Trust is earned and I will earn yours.”
Rishi Sunak went on to say that he will build an economy that embraces the Brexit opportunities and will create jobs.
He continued: “I understand how difficult this moment is, after the billions of pounds it cost us to combat Covid, after all the dislocation that was caused in the midst of a terrible war that must been seen successfully to its conclusion.
“I fully appreciate how hard things are.
“And that work begins immediately. I will place economic stability and confidence at the heart of this Government’s agenda,” the new prime minister vowed to the British people outside No10.
“This will mean difficult decisions to come.
“But you saw me during Covid doing everything I could to protect people and businesses with schemes like furlough.
“There are always limits, more so now than ever. But I promise you this – I will bring that same compassion to the challenges we face today.”
Rishi Sunak said he will “always be grateful” to Boris Johnson for his “incredible achievements” as Prime Minister.
Mr Sunak pledged to deliver on the Conservative 2019 manifesto.
“I will deliver on its promise. A stronger NHS, better schools, safer streets, control of our borders, protecting our environment, supporting our armed forces, levelling up and building an economy that embraces the opportunities of Brexit where businesses invest, innovate and create jobs.”
Mr Johnson tweeted his congratulations.
Congratulations to @RishiSunak on this historic day, this is the moment for every Conservative to give our new PM their full and wholehearted support.
— Boris Johnson (@BorisJohnson) October 25, 2022
Stating that he is “not daunted” by the task ahead, the new Prime Minister said:
“I fully appreciate how hard things are and I understand too that I have work to do to restore trust after all that has happened.
“All I can say is that I am not daunted. I know the high office I have accepted and I hope to live up to its demands.”
“But when the opportunity to serve comes along, you cannot question the moment, only your willingness.
“So, I stand here before you ready to lead our country into the future.”
It will now be interesting to see who Rishi Sunak appoints to his Cabinet.