He 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.

He will address MPs at 14:30 today.