Rishi Sunak will become the United Kingdom’s new prime minister after winning the ruling Conservative Party’s leadership contest, which was triggered by the resignation of Liz Truss last week.

Sunak’s win on Monday came days after Truss’s resignation after her disastrous tax cuts plans and policy U-turns plunged the markets into chaos. The unprecedented economic crisis drew a rare intervention from the Bank of England.

Sunak was to make his first remarks at 2:30pm (13:30 GMT), according to Conservative Party official Graham Brady, whose 1922 committee of Tory MPs organised a rapid leadership election after Truss’s resignation.

Sunak, a former finance minister, has been left with the task of steering a deeply divided country through an economic downturn set to make millions of people poorer.

Al Jazeera’s Andrew Simmons, reporting from London, said Sunak is “pretty well placed” despite the challenges ahead.

“In some ways, … some of his work has already been done in terms of putting out the fires that Liz Truss created because it did cause a storm in the markets,” Simmons said.