Liz Truss named as new Prime Minister after winning Conservative leadership bid
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The former foreign secretary went head to head with Mr Sunak after all other entrants were eliminated in previous rounds of voting.
It follows a gruelling campaign over the last few months after Boris Johnson resigned as party leader on July 7.
Mr Johnson’s resignation finally came after mounting pressure from within his own party, as an astonishing 62 members of his government stepped down in protest at his leadership in just a few days.
Ms Truss will already find herself under pressure to provide an answer to the growing cost of living crisis faced by millions of Britons, amid soaring energy costs which threaten to put countless families into fuel poverty.
She defeated rival Rishi Sunak with 81,326 votes to 60,399 and will take over as prime minister on Tuesday with the immediate challenge of easing the cost-of-living crisis for households across the country faced with soaring energy bills.
Ms Truss promised a "bold plan" to cut taxes, deal with the energy crisis and deliver a Tory victory in 2024.
Ms Truss said Tory beliefs in freedom, low taxes and personal responsibility "resonate with the British people".
"During this leadership campaign, I campaigned as a conservative and I will govern as a conservative," she said.
"We need to show that we will deliver over the next two years.
"I will deliver a bold plan to cut taxes and grow our economy.
"I will deliver on the energy crisis, dealing with people's energy bills but also dealing with the long-term issues we have on energy supply."
She promised Tory members "we will deliver a great victory for the Conservative Party in 2024".
Mr Johnson will depart No 10 on Tuesday and Ms Truss will fly to Balmoral to meet the Queen for the formal handover of power.