A popular former chancellor of the exchequer under Boris Johnson's premiership, Sunak will be the first nonwhite to take the top job and the youngest prime minister in more than 200 years.
After a bruising first six weeks in office, the prime minister replaced her finance chief with former leadership rival Jeremy Hunt. But she still faces a barrage of criticism.
The British pound sank to $1.03, before stabilizing slightly, as traders and investors react negatively to new government plans to cut taxes for highest earners and businesses and boosting borrowing.
There are tributes worldwide to Queen Elizabeth II — from the Empire State Building to the British Embassy in Tokyo — for the United Kingdom's longest-reigning monarch.
Queen Elizabeth II was Britain's first monarch to be placed on the country's paper notes. There is no word yet on what new bank notes will look like, but there's a longstanding tradition for coins.
The queen served as the United Kingdom's monarch since 1952. Her reign spanned a remarkable arc in British history and was defined by duty to country — and considerable family pain.
For the first time in British history, none of the four most senior Cabinet posts — prime minister, chancellor of the exchequer, foreign secretary and home secretary — are taken up by a white male.
Britain's prime minister steps down as leader of the Conservative Party after a slew of members of his government said they could no longer serve under his scandal-tarred leadership.