LONDON (dpa-AFX) - Former British finance minister Rishi Sunak is set to become the next prime minister after his lone remaining rival Penny Mordaunt dropped out of Conservative Party's leadership raceo n Monday.
The 42 year old leader of Indian origin will become the first person of color and the youngest person to take the office in more than two centuries.
He became a junior minister in Theresa May's government, and was later named the Chief Secretary to the Treasury and as the Chancellor by Boris Johnson.
Sunak lost a tight leadership race with Liz Truss last month.
He is scheduled to address the Conservative Parliamentary party at 2:30 p.m. local time (9:30 a.m. ET).
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