Rishi Sunak will become the U.K.'s third prime minister of the year Tuesday following a meeting with King Charles III.
The tradition sees the monarch invite the leader of the party with the highest number of MPs to form a government, which since the 2019 general election has been the Conservatives.
Sunak was elected party leader by fellow Conservative lawmakers on Monday following the resignation of Liz Truss on Thursday.
Truss held her final cabinet meeting Tuesday morning. In a speech outside 10 Downing Street, she said: "It has been a huge honor to be prime minister of this great country, in particular to lead the country in mourning the death of Her Majesty the Queen after 70 years of service and the accession of his Majesty King Charles III."
Truss only took office on Sept. 6. She cited her short-lived administration's accomplishments as supporting households and businesses with energy bills and reversing the planned rise in national insurance tax, one of the only tax cuts that remained from the package of fiscal policies she was forced to reverse after market chaos.
Repeating themes she campaigned and governed on, she said: "We simply cannot afford to be a low-growth country, where the government takes up an increasing share of our national wealth, and where there are huge divides between parts of the country. We need to take advantage of our Brexit freedoms to do things differently."
"It means lower taxes so people can keep more of the money they earn. And it means delivering growth that will lead to more job security, higher wages and more opportunities for our children and grandchildren."
She will now travel to Buckingham Palace to offer her resignation to the King.
Sunak is due to make his first address as prime minister later Tuesday, and is also expected to begin appointing new cabinet figures in yet another reshuffle at the top of British politics.