Rishi Sunak on path to become Britain's first PM of color after appointment as U.K. Conservative Party leader

Rishi Sunak, 42, was declared the new leader of Britain's Conservative Party on Monday, putting him on course to become the next prime minister of the U.K.

This comes after his rivals, former Prime Minister Boris Johnson and Penny Mordaunt, withdrew from consideration. Sunak will be the first person of color to ever hold the position of prime minister in the country, and will be the third leader in seven weeks, The New York Times reports. Sunak will be coming into the position with the country facing high levels of inflation and economic uncertainty.

The sudden appointment comes after prime minister Liz Truss resigned from her position after just 45 days due to the failure of her fiscal plans, which put Britain's economy in turmoil. Her policies caused the value of the pound to plummet, causing major economic damage, CNN reports. Sunak predicted her plan's failure during their summer leadership contest, reports the Los Angeles Times.

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After the failure of both Johnson and Truss, there has been debate within the country as to whether the Conservative Party should be appointing a third leader, with many in the opposition pushing for a general election. The Conservative Party is losing to the Labour Party in record numbers amid the chaos, Bloomberg reports.

Sunak's leadership is noteworthy for British Asians — as Sunder Katwala, director of the think tank British Future, put it: "This simply would not have been possible even a decade or two ago."