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Rishi Sunak is set to become the next UK prime minister, just weeks after losing a leadership contest against Liz Truss, who resigned from the post last week.
Graham Brady, the head of the Tory party's 1922 Committee of backbench MPs, said Sunak's was the only official nomination received by the 1400 BST deadline. Leadership candidates needed the backing of at least 100 Conservative party members of Parliament.
Boris Johnson scrapped his comeback bid, while Penny Mordaunt announced her withdrawal minutes before Brady's announcement, all but confirming ex-chancellor Sunak as the next prime minister.
Sunak replaces former leadership rival Truss, who announced her resignation on Thursday last week.
Market and political turmoil typified Truss's stint as PM. The pound took a beating and bond markets plunged into chaos after a poorly received mini-budget last month. Kwasi Kwarteng stepped down as chancellor as a result and was replaced by Jeremy Hunt.
The pound traded as high as $1.1382 earlier on Monday, as it became increasingly likely Sunak will become the next PM. It faded to $1.1291 shortly after Brady's announcement, however, though still up from $1.1203 at the London equities close on Friday.
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