The next British Prime Minister will be announced

Former finance minister Rishi Sunak or current foreign minister Liz Truss will be announced as the UK’s new prime minister later on Monday.

Dan Kitwood/Staff/Stringer/Getty Images

LONDON — The UK’s next prime minister will be announced on Monday following a grueling and at times bitter leadership contest in the ruling Conservative Party.

The announcement is scheduled for 12.30pm London time and will be delivered by Graham Brady, the chairman of the 1922 Committee, which is a group of Conservative MPs who are not government ministers.

The leadership election was triggered when current Prime Minister Boris Johnson announced he would step down on July 7. It came after a wave of cabinet ministers and backbenchers resigned, many of whom expressed a lack of confidence in their party leader.

Johnson remained caretaker prime minister while the party decided between candidates.

He has yet to formally resign from his position as he must first attend an audience with Queen Elizabeth II to officially inform her of his resignation.

Sunak or Truss?

The next prime minister will be either current foreign minister Liz Truss or former finance minister Rishi Sunak, after the pair reached the final stage of the eight-candidate leadership race.

Truss has been a firm leader in the competition among Conservative Party members.

Truss and Sunak have faced off at 12 campaign events over the past eight weeks in an attempt to win over party members.

They gave their views on the Bank of England’s mandate, tax cuts and the controversial plan to deport migrants to Rwanda, as well as the worsening cost of living crisis in UK.

The result was chosen exclusively by members of the Conservative Party – that’s around 180,000 people according to the most recent count who pay to be a party member, out of the 65 million people living in the UK.

Voting took place by mail and closed on September 2.

Next steps

Once the most popular candidate is announced, the formal process for appointing a Prime Minister begins.

It will include a trip to Balmoral Castle in Scotland for the official ‘hands kiss’ meeting with the Queen, where the monarch calls for the formation of a new administration.

It’s a break from tradition, as her 15th Prime Minister will be the first not to be officially appointed at the Queen’s London home, Buckingham Palace.

The 96-year-old is said to have started experiencing ‘episodic mobility issues’, as Buckingham Palace announced on May 9, which could explain the new Prime Minister’s choice to travel to her home rather than do her -even the 500 mile trip to London.

A “gift budget” from the new PM?

The cost of living crisis is likely to be a priority for anyone moving into 10 Downing Street as UK energy bills are set to rise by 80% in October and investors warn inflation could top 22% next year.

The next prime minister will offer support for energy costs, Alan Custis, head of UK equities at Lazard Asset Management, predicted on CNBC’s “Squawk Box Europe” last week.

“As prime minister you want to create a honeymoon period,” Custis said, “and there could be a general election.”

“Whichever candidate comes in, there’s potential for a gift budget as soon as they come in,” he said.

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