As a result of his rivals' withdrawals from the contest, former British finance minister Rishi Sunak is expected to become the country's next prime minister, which analysts claim will strengthen domestic markets.After his predecessor Liz Truss was removed from office after only six weeks due to an economic agenda that roiled markets, the 42-year-old will become the nation's third prime minister in less than two months.
The former chancellor, who prevailed in the Monday leadership election for the Conservative Party, is about to enter 10 Downing Street in London following a meeting with King Charles III at Buckingham Palace, which is most likely to take place on Tuesday.
On Monday, Prime Minister Narendra Modi welcomed the forthcoming British Prime Minister Rishi Sunak and expressed his eagerness to collaborate with him on international challenges and carry out the Roadmap 2030 for bilateral ties.
Last year, the Roadmap 2030 for India-UK relations was unveiled.
After winning the election to succeed Liz Truss as prime minister, Sunak, the nation's first Hindu PM and the youngest to hold the job in 200 years, cautioned that the UK confronts a "deep economic crisis" as he prepared to assume office.
The pound momentarily moved into negative territory against the dollar before turning positive again. The FTSE 100 increased by 0.6%, helped by consumer and industrial sectors, but lagged behind other European markets, where the STOXX 600 surged 1.2%.
Sterling fluctuated between the day's high of $1.1402 and the low of $1.1275 in choppy trading before dropping 0.1% to $1.1291.
The former Chancellor of the Exchequer, 42, made a brief speech only hours after Penny Mordaunt withdrew from the contest for 10 Downing Street, clearing the way for him. He promised to make it his "utmost priority" to bring the country and his feuding Conservative Party together. He declared, "I will work day in and day out to deliver for the British people,” As the incoming British prime minister wishes to resolve the economic crisis, Rishi Sunak urged his divided Conservative Party to come together.