As it happened: Sunak to be appointed UK's PM on Tuesday

• 09:00: Liz Truss will chair a cabinet meeting

• 10:15: The outgoing PM will make a statement outside No 10 before travelling to Buckingham Palace for her final audience with King Charles III, where she will formally resign
• Sunak, the new Conservative Party leader, will then travel to Buckingham Palace for his first audience with the monarch and be invited to form a government
• 11:35: Sunak - who will at this point officially be prime minister - will then travel to Downing Street and make his own statement before entering No 10 as the UK's 57th prime minister

Rishi Sunak will be appointed Britain's PM on Tuesday, Downing Street said. He will be the third prime minister to be annointed this year, following the unceremonious ouster of Liz Truss.

Truss will hold a final cabinet meeting before delivering a statement outside Number 10 around 10:15 am (0915 GMT).

Sunak will then be appointed by King Charles III and make his own televised remarks around 11:35 am (1035 GMT).

I am 'humbled and honoured', says Sunak in a very short speech he made.

At the very outset of his statement, Sunak said that he pays 'tribute' to Liz Truss, his would-be predecessor who was in power for only 45 days.

Rishi Sunak is due to speak shortly before Conservative Party MPs

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Global stocks and pound gained after the news of Rishi Sunak becoming next UK PM broke.

European equities climbed even when under the shadow of looming recession in France and Germany.

Wall Street has opened in green.

The Labour Party has renewed call for general election after it was clear that Rishi Sunak will be the next UK PM. The party has accused Sunak of 'dodging scrutiny'.

Rishi Sunak, set to become new PM of United Kingdom will address the Conservative Party at 1430 BST (7 pm IST)

Decks are cleared for Rishi Sunak to become next PM of UK as Penny Mordaunt has quit the race.

Rishi Sunak's campaign has told media that he has support from more than 200 Conservative Party MPs.

The minimum required number is 100.
 

European Research Group (ERG), the right-wing bloc within the Conservative Party has refused to back either Mordaunt or Sunak.

This is being considered to be a blow to Mordaunt who is struggling to shore up her support. Sunak already has backing of more than 100 Conservative MPs.

Conservative MP George Freeman who had publicly declared support for Penny Mordaunt has said that Tory MPs should think whether they need a weeklong contest or declaration of a new prime minister today. This is a hint at admission of greater support Mordaunt's rival, Rishi Sunak is getting among Conservative MPs

The Guardian has reported that Rishi Sunak has support of 182 Conservative Party MPs. This is nearing double the threshold of 100

As Sunak increasingly became a favourite to become the next UK PM, pound showed marginal gains against US Dolar. On Monday morning, pound gained 0.4 per cent against US dollar.

The value of pound had taken a nosedive after Liz Truss' disastrous economic policy.

The candidates are expected to command support of more than 100 MPs before the deadline of 1400 BST. 

This means that picture should be clear by 6:30 pm IST.

However, if Penny Mordaunt  decides to pull out of the race before the deadline, road will be clear for Sunak earlier.

The support threshold for PM race within the Conservative Party was set at 100 this time.

Sunak has been reported to have got support from more than 100 MPs. Penny Mordaunt on the other hand was struggling to go past the number 30 by 10 am BST

A senior member of the Conservative Party in House of Lords has opined that Penny Mordaunt should pull out to clear the way for Rishi Sunak. Michael Forsyth said that this was important for stability. He was quoted by BBC.

Former Chancellor of the Exchequer Rishi Sunak is expected to become next UK PM after Boris Johnson abandoned his efforts to stage a comeback