Rishi Sunak Wins Vote to Become U.K.'s Next Prime Minister

LONDON—Former Chancellor Rishi Sunak, who warned that Liz Truss’ economic plans for Britain were a “fairy tale,” won the contest to succeed her as prime minister on Monday, taking over the world’s sixth-biggest economy at a time of deep financial and political turbulence.

Mr. Sunak will formally enter Downing Street after his only remaining rival for the job, former defense minister Penny Mordaunt, said on Twitter she would drop out of the contest. “Rishi has my full support,” she wrote.

Mr. Sunak’s rise to the top job in Britain marks a historic moment. The grandson of Indian immigrants to Britain, the 42-year-old will be the U.K.’s first person of color and the first Hindu to lead the country. But his success will be determined by how well he manages the growing challenges to Britain’s economy as high inflation and a looming recession create a sense of growing despair.

He's not the first "person of color" to lead the country; that was Benjamin Disraeli.