Rishi Sunak became become Britain's Prime Minister on Tuesday, replacing Liz Truss, who announced her resignation last week.
Sunak was appointed to the position after an audience with King Charles III in Buckingham Palace.
During his speech at No 10 Downing St, Sunak said "mistakes were made" by Truss' government and that he had been appointed in part to "fix" them.
Britain's new prime minister said that he would "place economic stability and confidence" at the heart of his agenda.
Sunak said that he would put the public's needs above politics. He vowed to lead a government of "integrity, professionalism and accountability" and restore trust in British politics.
Liz Truss gives final speech
In a final, short speech as prime minister, Truss said that it was a "huge honor" to the lead the UK during the mourning period for Queen Elizabeth II and the acension of the king.
"We need to take advantage of our Brexit freedoms to do things differently. This means delivering more freedom for our own citizens and restoring power for our democratic institutions," Truss said. She also mentioned the need to lower taxes to support growth. Her scrapped plan for unfunded tax cuts had sent the UK economy into further turmoil amidst soaring inflation.
"Our country continues to battle through a storm. But I believe in Britain. I believe in the British people. And I know that brighter days lie ahead," Truss said.
She wished Sunak "every success."
How did Rishi Sunak rise to power?
Sunak became the leader of the Conservative Party after Penny Mordaunt failed to secure enough nominations from party lawmakers.
In the leadership race that saw Truss come to power, Sunak had been the second in the running for the PM's office.
Sunak is the first person of color and the first Hindu to become British Prime Minister.
He is the UK's third prime minister in three months. Former British Prime Minister Boris Johnson stepped down from his position in early September, and was then replaced by Liz Truss, who announced her own resignation after only 45 days in office.
Johnson had announced his intention to run for the Conservative leadership, but later withdrew.
Sunak's parents were born in East Africa and immigrated to the UK in the 1960s. His grandparents came from the Punjab region of what was then British India, now split between India and Pakistan.
Britain's new prime minister, who previously served as the Chancellor of the Exchequer under Boris Johnson, worked as an analyst for Goldman Sachs and then as a hedge fund manager before starting his political career. The multimillionaire is one of Britain's richest lawmakers.
Sunak is married to millionaire Indian citizen Akshata Murty. He came under fire after it was revealed that Murty did not pay taxes on overseas income due to her "non-domiciled" status.
The world reacts to Sunak's appointment
Irish Prime Minister Micheal Martin urged Sunak to work to resolve an impasse with the EU over the Northern Ireland Protocol, part of the UK's Brexit deal with Brussels that governs trade in the British constituent country.
"Building on work already underway, there is a real opportunity for the EU and UK to find jointly agreed solutions on the issues pertaining to the Protocol," Martin said. "I urge Prime Minister Sunak to move quickly to substantive engagement with the EU on that basis."
European Commission President Ursula von der Leyen said that the bloc counts on a "strong relationship" the UK.
"In these testing times for our continent, we count on a strong relationship with the UK to defend our common values, in full respect of our agreements," von der Leyen tweeted.
French President Emmanuel Macron congratulated Sunak on Twitter.
"Together we will continue working to tackle the challenges of the moment, including the war in Ukraine and its many consequences for Europe and the world," Macron said.
Indian President Narendra Modi congratulated Sunak and said New Delhi was working to transform "historic ties into a modern partnership" with the UK.
"I look forward to working closely together on global issues, and implementing Roadmap 2030," Modi said, referring to a delayed free trade deal that the two countries are set to finalize. "Special Diwali wishes to the 'living bridge' of UK Indians, as we transform our historic ties into a modern partnership."
