LIZ Truss is Britain's next Prime Minister after she won 57% of the vote – and vowed a "bold plan" to cut taxes and tackle the energy crisis.
Rishi Sunak's dreams of reaching No10 have been shattered for now, with the former Chancellor raking up 60,399 votes to Ms Truss's 81,326.
The long-awaited result was announced today at a packed out QEII centre in Westminster.
Follow all the latest developments as Liz Truss is crowned the next PM.
Hundreds of card carrying Conservatives watched as backbench 1922 Committee Chair Sir Graham Brady read out the result.
In her victory speech Ms Truss told the crowd: "I'd like to thank the 1922 Committee, the party chairman and the Conservative Party for organising one of the longest job interviews in history.
"I will deliver a bold plan to cut taxes and grow our economy. I will deliver on the energy crisis, dealing with people's energy bills, but also dealing with the long term issues we have on energy supply.
"I know that we will deliver, we will deliver or we will deliver. And we
we will deliver a great victory for the Conservative Party in 2024."
Ms Truss managed to woo over Tory members with the promise of a tax-cutting bonanza.
Around £30 billion worth of taxes are set for slashing.
But the PM-in-waiting also faces one of the worst in-tray of problems any new leader has experienced in years.
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Today’s announcement finally draws 52 days of brutal blue-on-blue leadership battling to a close.
The contest kicked off with eight wannabe PMs.
After being whittled down to a top two in MP-only voting rounds, it was left to Tory members to pick first place.
But Ms Truss won’t actually be crowned PM until Tuesday.
Tomorrow at 8.30am Boris Johnson will give a farewell speech outside of No10 – his last hurrah as PM.
After that he'll travel by plane to see the Queen at Balmoral Castle in Scotland, where he'll officially offer his resignation.
Ms Truss will then have a private audience with the Queen, who will formally appoint her as PM.
Then, the new Tory leader will fly back to London to make her first major speech from Downing Street at around 4pm.
Late on Tuesday night it is expected appointments to the Cabinet will be announced.
Ally Kwasi Kwarteng is hotly tipped to be Chancellor.
He’s predicted to be replaced as Business and Energy Secretary by Jacob Rees-Mogg.
Suella Braverman is likely to be awarded Home Secretary, while ally James Cleverly looks set for Foreign Secretary.
The Sun understands Mr Sunak is unlikely to take up any role on the top table.
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Ms Truss will have just days to come up with a package to help hard-up Brits with the cost of living crisis.
Both she and Mr Sunak declared it their number one priority throughout the leadership race.
Ms Truss recently vowed to announce new financial help within a week of being made PM.
The Sun understands she's looking at freezing the wholesale cost of gas produced in Britain to force energy companies to sell it at a loss and drive down bills.
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