London

Boris Johnson's successor as the next UK Prime Minister will be revealed on Monday when either Liz Truss, the incumbent Foreign Secretary, or Rishi Sunak, the former Indian-origin Chancellor, will be named as leader of the ruling Conservative Party.

The name will be announced at 12.30 p.m. (around 5 p.m. IST) and the winner of the leadership race will take office on Tuesday after being formally appointed by Queen Elizabeth II.

If Truss comes to power, she will be the third female Prime Minister of the UK after Margaret Thatcher (1979–1990) and Theresa May (2016–2019). If Sunak wins the race, he will make history as the first ever Indian-origin to hold the post.

Tipped by pollsters to emerge as the winner, Truss has promised to announce further help to shield consumers within a week of taking over.

She also plans to deliver 30 billion pounds in tax cuts through an emergency Budget later this month, arguing the UK's tax burden is behind sluggish growth.

The seven-week leadership contest will bring an end to Johnson's turbulent three years in office, with Monday's winner set to inherit a flagging economy, with inflation at a 40-year high.

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Johnson was forced out in July by a ministerial revolt over a string of scandals, just over two-and-a-half years after leading the Tories to a landslide victory at the 2019 election.