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Rishi Sunak becomes prime minister as Penny Mordaunt drops out of race

One decision Sunak has to make that will interest the City is on the future of the so-called bank surcharge tax
One decision Sunak has to make that will interest the City is on the future of the so-called bank surcharge tax Photo: Dan Kitwood/Getty Images

Rishi Sunak will become the UK's new prime minister after rival Penny Mordaunt conceded her leadership bid.

As the 2pm deadline for nominations approached, Sunak had 193 public supporters, compared to Mordaunt's 26, according to a BBC analysis.

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