LONDON (AP) — Former Treasury chief Rishi Singh won the race to become leader of the Conservative Party on Monday and will become Britain’s next prime minister — his third this year.

The former Treasury chief will be Britain’s first leader of the ring, and faces the task of stabilizing the party and the country at a time of economic and political turmoil.

His only rival, Penny Mordant, conceded and withdrew.

As leader of the governing party, he will take over as prime minister from Liz Truss, who resigned last week after 45 tumultuous days.

Sink was the firm favorite as the ruling Conservative Party seeks stability at a time of immense economic challenges and after months of turmoil that consumed the previous two leaders.

Sink’s position was strengthened after former leader Boris Johnson withdrew from the race for the leadership of the Conservative Party. The party is electing Britain’s third prime minister this year after Liz Truss resigned after a tumultuous 45-day tenure.

Sink lost to Truss in the last Conservative election, but his party and the country now appear desperate for a safe pair to deal with rising energy and food prices and a deepening recession. The politician steered the economy through the coronavirus pandemic, praising his financial support for laid-off workers and closed businesses.

He has promised “integrity, professionalism and accountability” if he forms a government – moving towards his desire for a leader who can tackle the country’s problems.

Earlier in the day, the 42-year-old was the only candidate with the confirmed support of more than 100 lawmakers, the number needed to contest the election, with supporters claiming 357 conservatives backed him. The likes are more than half of the legislators. Parliament Mordaunt had hoped to reach the threshold by the time nominations closed – but she backed out.

This means that Sink is now the leader of the Conservative Party and King Charles III will ask him to form a government. He will become Prime Minister after Monday or on Tuesday, handing over power from Truss.

Sink, who was Treasury chief from 2020 until this summer, resigned in July in protest at Johnson’s leadership.

Johnson quit the race in dramatic fashion on Sunday night, ending a short-lived, high-profile attempt to return to the job of prime minister he was ousted a little more than three months ago amid ethics scandals.

Johnson spent the weekend trying to win the support of fellow Conservative lawmakers after returning from a Caribbean vacation. Late Sunday he said he had the support of 102 colleagues. But he was far behind Cinque in support, saying he had concluded that “you cannot govern effectively unless you have a united party in Parliament.”

The prospect of Johnson’s return threw the already divided Conservative Party further into disarray. He led the party to a landslide election victory in 2019, but his premiership was clouded by money and ethics scandals that eventually became too much for the party to bear.

In his statement on Sunday, Johnson insisted he was “well prepared to lead the Conservatives to victory” at the next national election due in 2024. And he said he would likely have won the Conservative Party vote against either of his rivals.

“But over the last few days I have sadly come to the conclusion that it would not be right to do so,” he said.

He hinted that he might return, saying: “I’m sure I have a lot to offer but I’m afraid it’s not the right time.”

Truss resigned on Thursday after a tumultuous 45 days in office, admitting that she could not deliver her economic package of tax cuts, which sparked weeks of anger within her party and financial markets. He was forced to abandon it after a riot.

The turmoil in the Conservative Party is fueling calls for a national election. Under the UK’s parliamentary system, one is not required until the end of 2024, although the government has the power to convene one sooner.

At present, that seems unlikely. Opinion polls say an election would spell disaster for the Conservatives, with the centre-left Labor Party holding a large majority.

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