Sunak was the clear front-runner.

LONDON — Rishi Sunak, the previous chancellor of the Exchequer, on Monday was set to turn into Britain’s subsequent prime minister, after his final remaining rival dropped out of the race. The transfer will make Mr. Sunak the primary particular person of shade and the primary particular person of Hindu religion to steer Britain.

When the deadline for candidates to safe nomination within the race handed, Mr. Sunak, was the clear front-runner. He had the general public backing of 191 Conservative lawmakers as of Monday afternoon, in response to the BBC. His solely remaining rival, Penny Mordaunt, dropped out on Monday afternoon, saying, “All of us owe it to the nation, to one another and to Rishi to unite.”

The candidates had been frantically maneuvering to collect nominations from Conservative Occasion lawmakers for the highest job at Downing Avenue since Liz Truss announced her resignation on Thursday after six turbulent weeks. Over that quick time, Ms. Truss’s tax-cutting agenda rapidly grew to become a radical experiment in trickle-down economics, which descended into monetary and political chaos. Most of her proposed insurance policies had been reversed within the days earlier than she stood down.

Right here’s what to know:

• Britain’s subsequent prime minister, the third this yr, will face a protracted checklist of financial challenges. Annual inflation topped 10 percent final month as meals costs rose at their quickest tempo in additional than 40 years. Wages haven’t stored up with rising costs, bringing a few cost-of-living disaster and labor unrest. Rates of interest are set to rise even because the economic system stagnates.

• Former Prime Minister Boris Johnson pulled out of the race on Sunday night, ending a quixotic bid to reclaim a job that he misplaced three months in the past amid a cascade of scandals. He said in a statement that he believed he had a path to victory, despite the fact that the BBC estimated that he had lined up the general public assist of solely 57 Conservative lawmakers.