BREAKING: Liz Truss is elected new Prime Minister of Britain

The British Conservative Party has elected Foreign Minister Liz Truss to replace the outgoing Prime Minister Boris Johnson.

Liz Truss defeated rival, former Finance Minister, Rishi Sunak, to be the new Prime Minister of Britain.

The result was announced at 12:30 pm (5 pm IST), after Truss and Sunak, spent the summer rallying support among the Conservative Party members.

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Truss will become the Conservatives’ fourth prime minister since a 2015 election. Over that period the country has been buffeted from crisis to crisis, and now faces what is forecast to be a long recession triggered by sky-rocketing inflation which hit 10.1 per cent in July.

Boris Johnson was forced to announce his resignation in July after months of scandal and he will travel to Scotland to meet Queen Elizabeth on Tuesday to officially tender his resignation.

Truss will follow him and be asked to form a government.