Political history has, once again, been made on the steps of Downing Street (Picture: Sky News)

Rishi Sunak has highlighted ‘mistakes made’ under Liz Truss during his first speech to the nation as the country’s new Prime Minister.

The former Chancellor, victorious in his second leadership battle of the year, has taken to the podium outside No 10.

It follows weeks of political turmoil which followed the mini-budget forged by Kwasi Kwarteng and Ms Truss.

Mr Sunak has ‘paid tribute’ to his predecessor during his speech but spoke of ‘mistakes made’.

He said: ‘I will unite our country not with words but with action.’

Mr Sunak had fended off Penny Mordaunt, who stepped down yesterday, in a brief leadership battle.

In a short televised statement yesterday, he said he was ‘humbled and honoured’ to be elected as leader as the Conservative Party, saying it was ‘the greatest privilege of my life to give back to the country I owe so much to’.

Mr Sunak met with the King this morning to formally cement his role as the country’s Prime Minister.

As final formalities were put in place were the newest inhabitant of No 10, Ms Truss was making final arrangements in brining her short tenure as PM to a close.

Rishi Sunak celebrates his nomination success with backers (Picture: Getty Images)

In her outgoing speech outside Downing Street, Ms Truss wished her colleague luck on his journey as her replacement.

She added: ‘We continue to battle through a storm but I believe in Britain, I believe in the British people and I know that brighter days lie ahead.’

Mr Sunak has now become the UK’s first Hindu Prime Minister, the first of Asian heritage, and the youngest for more than 200 years at the age of 42.

Following his speech, the former chancellor will now turn his attention to assembling a top team that he will hope can return a measure of stability to both the Conservatives and the country.

He has been urged to avoid Ms Truss’s perceived error of appointing loyalists to key roles, with James Cleverly calling for the overhauled Cabinet to feature the best ministers.

Michael Gove (left) and Rishi Sunak’s wife Akshata Murthy (right) cheer Mr Sunak during a hustings event at Wembley Arena in August (Picture: PA)

The Foreign Secretary told Sky News: ‘We have got to have the first 15 on the pitch. I know that Rishi understands that.’

Mr Sunak will reportedly look to build a Cabinet of ‘all the talents’ that will see the political return of the ‘adults’, according to reports.

While his team was remaining tight-lipped about the possible make-up of the team, his long-time backers Dominic Raab, the former justice secretary, Commons Treasury Committee chair Mel Stride and ex-chief whip Mark Harper were tipped to be in it.

Ms Mordaunt is expected to get some kind of promotion in the reshuffle.

Some are speculating that she could replace Mr Cleverly as foreign secretary.

Mr Sunak is the youngest PM for more than 200 years at the age of 42 (Picture: Xinhua/Shutterstock)

Mr Sunak’s ascendency from MP to PM is the fastest in modern political history, having first won the constituency of Richmond in North Yorkshire in 2015.

Key moments in his political life include supporting Leave in the 2016 Brexit referendum, and backing Boris Johnson as Theresa May was forced out following the vote.

Mr Sunak, now 42, was granted a rapid ascent up the ministerial ladder when Mr Johnson became prime minister in July 2019.

However, his journey to the top job has not been without its hitches, having been fined alongside the former PM for breaching coronavirus rules and having faced questions over his wife Akshata Murty’s “non-dom” status for tax purposes.

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Political history has, once again, been made on the steps of Downing Street.