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UK Set to Find Out Next Prime Minister After Bruising Tory Race

  • Liz Truss favorite to win leadership contest over Rishi Sunak
  • New premier to inherit brutal economic outlook, roiled markets
Bloomberg business news
WATCH: The new UK Prime Minister will be announced on Monday, officially taking over from Boris Johnson the following day. David Finnerty reports.Source: Bloomberg

The UK will finally find out Boris Johnson’s successor as prime minister on Monday, after a bitter Conservative Party contest between Foreign Secretary Liz Truss and former Chancellor of the Exchequer Rishi Sunak.

Truss, 47, is the bookmakers’ odds-on favorite to become the Tories’ fourth leader in just over six years and inherit the brutal economic storm facing Britain. Voting in the two-month contest closed on Friday, and a result is due to be announced at 12:30 p.m. in London. The winner will take power on Tuesday after the outgoing and incoming premiers have met with Queen Elizabeth II at Balmoral, her castle in Scotland.