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Conservative candidate Penny Mordaunt dropped out of the leadership race in the final minutes before nominations closed. Sunak will succeed Liz Truss seven weeks after she defeated him in the previous leadership contest.

Also on the programme: we get the political reaction to the newly chosen Prime Minister from members of parliament; and we hear from the economist nicknamed Dr Doom on the global state of the economy.

(Photo: Britain's Conservative MP Rishi Sunak walks next to his campaign headquarters in London on 24 October, 2022. Credit: McKay/Reuters)