London: Rishi Sunak became Britain's youngest prime minister in two centuries after King Charles III asked him to form a government.

Sunak met at Buckingham Palace with the king, who had just accepted the resignation of Liz Truss. In Britain's constitutional monarchy, the monarch plays a ceremonial role in appointing government leaders.

He is expected to immediately begin appointing a Cabinet on Tuesday and getting to grips with an economic crisis that has left millions of Britons struggling to afford food and energy bills.

The third Conservative prime minister this year, he will also try to unite a governing party that is riven with divisions.

British Prime Minister Liz Truss, succeeding Margaret Thatcher and Theresa May, arrived at Buckingham Palace to officially hand over her resignation to King Charles III.

In her farewell speech, Liz Truss indicated that she would stand along with Ukraine during the Russian invasion and with Rishi Sunak too, to overcome the economic crisis.

But she is not disappointed that she did not get enough support for her efforts. A major effort was made to reduce national tax increases and to cut the tax structure affecting common traders and officials. There are high hopes that her successor, Rishi Sunak, will be able to take the administration forward.

The fact that Sunak is the youngest prime minister in Britain's modern political history is just one of them. Sunak, 42, is the youngest British Prime Minister in the last two centuries.

His top priorities will be appointing Cabinet ministers and preparing a budget statement that will set out how the government plans to come up with billions of pounds (dollars) to fill a fiscal hole created by soaring inflation and a sluggish economy and exacerbated by Truss' Destabilizing economic experiments.

The statement, set to feature tax increases and spending cuts, is currently due to be made in Parliament on Monday by Treasury chief Jeremy Hunt — if Sunak keeps him in the job.

Sunak, who was Treasury chief himself for two years until July, said Monday that Britain faces "a profound economic challenge."

Sunak becomes prime minister in a remarkable reversal of fortune just weeks after he lost to Truss in a Conservative election to replace former Prime Minister Boris Johnson. Party members in the summer chose her tax-cutting boosterism over his warnings that inflation must be tamed.

As well as stabilizing the U.K. economy, Sunak must try to unite a governing party that has descended into acrimony as its poll ratings have plunged.

Sunak's political entry was 8 years ago. Step-by-step growth. Later, when he was the country's finance minister, he lost to Liz Truss in the election for the post of prime minister two months ago.

Later, Rishi Sunak lost his ministerial position. But when he literally proved that failure is a stepping stone to success, he stepped into the post of

Prime Minister within 50 days, a very proud moment for the Indians as well.

Rishi Sunak vows to fix Liz Truss's 'mistakes' in the first address

Rishi Sunak has promised to "fix" the "mistakes" made by Liz Truss as he delivered his first address to the nation as Prime Minister.

Speaking in Downing Street, Sunak said his predecessor was "not wrong" to target increased economic growth.

But he argued that "some mistakes were made" and "I have been elected as leader of my party and your Prime Minister in part to fix them". 

Sunak said that he is not "daunted" by the challenges facing the UK, but he warned there will be "difficult decisions to come".

He said: "I will unite our country not with words but with action. I will work, day in and day out to deliver for you."

Concluding his speech, Sunak said: "Together we can achieve incredible things. We will create a future worthy of the sacrifices so many have made and fill tomorrow and every day thereafter with hope." (Source: The Telegraph)