Rishi Sunak has vowed to deliver a "better, more prosperous future" in his first statement at Tory leader.
In a speech at Conservative Party headquarters, he said: “I am humbled and honoured to have the support of my parliamentary colleagues and to be elected as leader of the Conservative and Unionist Party.
“It is the greatest privilege of my life, to be able to serve the party I love and give back to the country I owe so much to.
“The United Kingdom is a great country but there is no doubt we face a profound economic challenge.
“We now need stability and unity and I will make it my utmost priority to bring our party and our country together.”
He also paid tribute to Liz Truss for her “dedicated public service”.
Shortly before making his statement, Mr Sunak arrived to cheers and applause at the Conservative Party headquarters.
He was first greeted by Conservative Party chairman Jake Berry, as well as close ally and Treasury Select Committee chairman Mel Stride and Tory MP Alex Chalk.
He shook hands with and embraced MPs and waved at onlookers.
Shortly before making his statement, Mr Sunak arrived to cheers and applause at the Conservative Party headquarters Aaron Chown
The former Chancellor then went into the building, with the MPs following behind him.
Mr Sunak was confirmed as the new Tory Party leader earlier on Monday after Penny Mordaunt pulled out minutes before the 1922 Committee was due to announce the nominations.
Rishi Sunak became leader of the Tory Party after Penny Mordaunt pulled out of the race. POOL
Speaking after she pulled out, Ms Mordaunt said Mr Sunak has her “full support”.
She said: “These are unprecedented times. Despite the compressed timetable for the leadership contest it is clear that colleagues feel we need certainty today.
“They have taken this decision in good faith for the good of the country.
“Members should know that this proposition has been fairly and thoroughly tested by the agreed 1922 process.
“As a result, we have now chosen our next prime minister.”