Sir Graham Brady, chair of the 1922 Committee, announced on Monday that Rishi Sunak is elected as leader of the Conservative Party and new prime minister following Penny Mordaunt's decision to drop out of the contest.

Sunak will reportedly deliver a private speech to Tory MPs at 1430 GMT.

Market reaction

This development doesn't seem to be having a significant impact on the British pound's performance against its major rivals. As of writing, GBP/USD was trading virtually unchanged on the day at 1.1298. Meanwhile, the UK's FTSE 100 Ubdex gained traction on this headline and was last seen rising 0.7% on the day.