In his first public address as incoming prime minister, Rishi Sunak says “we now need stability and unity and I will make it my utmost priority to bring our party and our country together”.

Earlier this afternoon, it was announced that former chancellor Rishi Sunak would become the UK’s new prime minister after Penny Mordaunt dropped out of the running for party leadership.

In his speech, Sunak says stability and unity “is the only way we will overcome the challenges we face and build a better, more prosperous future for our children and our grandchildren”. 

“I pledge that I will serve you with integrity and humility and I will work day in day out to deliver for the British people,” he adds. 

Sunak also paid tribute to Liz Truss for her “dedicated public service to the country”.

“She has led with dignity and grace through a time of great change and under exceptionally difficult circumstances, both at home and abroad.”

Sunak says he was “humbled and honoured to have the support of my parliamentary colleagues and to be elected as leader of the Conservative and Unionist Party”.

He described his new appointment as “the greatest privilege of my life, to be able to serve the party I love and give back to the country I ower so much to”.

“The UK is a great country but there is no doubt we’ve had a profound economic challenge,” he adds. 

Sunak will be the country’s third prime minister is as many months.

Sunak served as chancellor of the exchequer from 2020 to 2022, notably during the coronavirus pandemic.

Previous to this, the MP for Richmond in Yorkshire was chief secretary to the treasury, from 2019, after having worked in the ministry of housing, communities and local government for a year before that.

His notable contributions regarding housing include the 95% LTV mortgage scheme, which was announced in his 2021 Budget, alongside the stamp duty cut extension.

Sunak wins the leadership race after losing to Liz Truss earlier this year.

Speaking about the appointment of the new Conservative leader, Audley Group chief executive Nick Sanderson says Sunak “has a task on his hands and must get his feet under the table quickly”.

“Key issues like housing, health and social care have been left on the ‘to-do’ list through the political turmoil of the last few months, and now desperately need attention. This doesn’t have to mean investment, especially at a time when the government needs to look at cost cutting, but it does require thinking cleverly.”

“Planning reform, which mandates for age-specific housing in any new housing scheme, would have the single greatest impact on both the housing market, but also the way we look after our ageing population.”

“And importantly, for the new prime minister, this doesn’t need a cash injection from the government coffers. Progress has started with the cross-departmental Housing with Care taskforce, and this must now be prioritised.”