The successor to Boris Johnson as prime minister of the United Kingdom will be disclosed when either Liz Truss or Rishi Sunak is appointed the next Conservative leader.
The winner of the leadership contest will be announced at 12:30 BST and will assume office on Tuesday following the formal appointment by the Queen.
The new prime minister will inherit an economy in decline and inflation at a 40-year high.
They are also under pressure to mitigate the impact of rising energy prices.
Foreign Secretary Liz Truss, predicted by pollsters to win, has pledged to introduce more consumer protections within a week of becoming an officer.
She promises to deliver £30 billion in tax cuts through an emergency Budget later this month, stating that the UK’s tax load is the cause of its slow economic development.
Her opponent, former chancellor Mr. Sunak, has indicated he feels he has lost by stating that his current role is to “help a Conservative administration.”
Ms. Truss has not yet provided details of her cost-of-living support plan beyond stating that she will temporarily eliminate green taxes on energy bills and reverse the increase in National Insurance established by Mr. Johnson’s administration.
Mr. Sunak pledged £15 billion in payments as chancellor, including £400 for every household, although both candidates have stated that additional support will be required after cost projections increased throughout the summer.
Sunday, the foreign secretary declined to clarify whether further aid would be universal or targeted to the most disadvantaged, stating that she would need more time in office to determine the specifics of her plan.
She acknowledged that repealing the National Insurance increase would help higher earnings more, but defended the move because it would improve the economy as a whole.
She attributed low economic growth over the past two decades to a focus on wealth distribution through taxation.
Labour, the Liberal Democrats, and the SNP have all urged the government to freeze energy prices through multibillion-pound subsidies, whereas the Greens have proposed nationalizing the five largest energy suppliers in the United Kingdom.
Ms. Truss would not rule out a freeze on Sunday, but she has previously referred to it as a “sticking plaster” and said that more must be done to assist the United Kingdom in increasing its domestic energy sources.
She stated that any additional help must “go hand in hand” with initiatives to increase nuclear energy, fracturing for shale gas, and oil and gas exploration in the North Sea.
In addition to tax cuts, Ms. Truss has promised to implement low-regulation investment zones and the largest boost in defense spending in decades.
Due to opposition from unions, Labour, and some Conservatives, she abandoned her idea to connect public sector pay to local cost of living.
The seven-week leadership campaign concludes Mr. Johnson’s rocky three years in administration, and the candidates have frequently attacked each other’s policies and the Conservatives’ track record in government.
Just over two and a half years after guiding the Tories to a huge win in the 2019 election, Mr. Johnson was driven out of office in July by a ministerial revolt over a series of scandals.
In a series of Tory MP ballots, eleven candidates were reduced down to two, with the remaining pair going into a runoff to be determined by the roughly 160,000-strong membership.
Although Mr. Sunak had the most support among Conservative lawmakers, he lagged behind Ms. Truss in grassroots polls.
Mr. Johnson is slated to deliver a farewell address on his last day in office, Tuesday, before the transfer of power.
In a departure from convention, the new Tory leader will be named by the Queen at Balmoral Castle in Scotland, as opposed to Buckingham Palace.
It is believed that the change revealed last week was done to prevent the need for last-minute adjustments due to the Queen’s mobility concerns.
