Liz Truss has been announced as the new Prime Minister, following a six-week leadership campaign.
On Friday (2 September) Tory MPs voted to choose the next PM, deciding between Truss and Rishi Sunak.
The result of the vote was declared by 1922 Committee chair Sir Graham Brady this afternoon, who revealed Truss, 47, won with 81,326 votes to Sunak’s 60,399.
Following the result, Truss called it an 'honour' to have been elected as the new leader of the Conservative party. She thanked her friends and family for all of their support, as well as fellow candidates and outgoing leader, Boris Johnson.
"I'd like to thank the 1922 Committee, the party chairman and the Conservative Party for organising one of the longest job interviews in history," said Truss.
"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.
"I know that we will deliver, we will deliver or we will deliver. And we will deliver a great victory for the Conservative Party in 2024."
In a break from tradition, Truss will travel to Balmoral on Tuesday 6 September where she will be appointed as the new Prime Minister by the Queen.
Throughout her reign, the Queen has always had an audience at Buckingham Palace during the changeover of a Prime Minister. However, this time she will stay in Balmoral.
It is believed that after suffering with mobility problems, the decision was made to provide certainty for the new Prime Minister's diary.
It's reported that Truss could be considering 'freezing energy bills' now she has been announced as the new leader.
A source told The Times on Monday (5 September): “The plan is to introduce some kind of artificial price cap for consumers combined with a mechanism for reimbursing suppliers.
“Plans are reasonably well advanced and involve not just civil servants but also ministers lined up for jobs by Truss.”
Speaking to the BBC on Sunday (4 September), Truss said she would be revealing support within a week, but would not clarify what the measures would be.
“Before you have been elected as Prime Minister, you don’t have all the wherewithal to get the things done,” she said.
“This is why it will take a week to sort out the precise plans ... That is why I cannot go into details at this stage. It would be wrong.”