Former Treasury Chief Rishi Sunak will be Britain’s next Prime Minister. Sunak won the Conservative Party leadership, and by default the position of Prime Minister, after Boris Johnson pulled out Sunday night and Penny Mordaunt conceded the race on Monday. Mordaunt failed to garner the required nomination of 100 Conservative MP’s. Sunak will take over for Liz Truss, who resigned after only 45 days as PM. Under King Charles III, Sunak will be mandated to form a new government. He faces several critical issues such as rising food and energy prices as well as a looming recession.