Rishi Sunak will be Britain’s next prime minister after his last remaining rival Penny Mordaunt withdrew from the race.
Mr Sunak was elected Conservative Party leader after a majority of Tory MPs backed him.
He was the only candidate left standing after Ms Mordaunt dropped out just before the nomination deadline.
Former Prime Minister Boris Johnson announced his retirement on Sunday.
After Liz Truss formally tenders her resignation, King Charles III will appoint Mr Sunak as Prime Minister.
He will be the country’s first Hindu prime minister and the youngest in over 200 years.
“This is a historic decision that demonstrates our party’s diversity and talent once again.” Ms Mordaunt conceded defeat, saying, “Rishi has my full support.”
Party rulemaker Graham Brady said only one valid nomination, for Mr Sunak, was received before the deadline.
He did not reveal whether Ms Mordaunt would have had the 100 nominations from MPs needed to force a ballot.
Her withdrawal means the leadership question will not be put to the grassroots Tory membership.
Members chose Ms Truss over Mr Sunak in the summer contest to succeed Mr Johnson, but her premiership imploded in 45 days after a botched mini-budget.
The race to replace Ms Truss was compressed into a matter of days so that the new prime minister could quickly take charge of Britain’s economic crisis.