Rishi Sunak has officially been named the newest prime minister of the UK after accepting an offer from King Charles III to form a government in his name.

Rishi Sunak Officially Takes Over as UK's Prime Minister

It's time for today explained where we break down some of the biggest stories in the news, how we got here, where we go next season, as you've heard that name a lot in the last few hours, officially taking over as the UK's new prime minister today, becoming the country's third leader in just seven. We After accepting an invitation by King Charles III to form a new government, soon made his first speech outside 10 downing street pledging to fix the mistakes. That's a quote by him made by his predecessor Liz Trust though he did pay tribute to her. Here's what he had to say. Some mistakes were made not born of ill will or bad intentions, quite the opposite in fact, but mistakes nonetheless. And he's the first person of color to leave the U. K. And the youngest in the nation. The youngest. The nation has seen in more than 200 years. But who is this guy who is richie snack for one, he's extremely wealthy. His wife murthy is the daughter and heiress of a tech billionaire who happens to be one of India's richest people. Together son and his wife have an estimated net worth of more than $800 million placing them among the 250 wealthiest british families. Even richer than king Charles himself. But as soon as has pointed out, when he was asked about his wealth, his beginnings were humble. He was born in Southampton England to indian parents who moved to the U. K. From East Africa. His father was a doctor, his mother ran her own pharmacy. He graduated at the top of his class from Oxford, got his M. B. A. At stanford and made his own fortune as an investment banker before entering Parliament. That was in 2015. Just five years later in 2020, Boris Johnson appointed him as finance minister. Now Cenac finds himself leading a nation in crisis with double-digit inflation, market turmoil and the sinking value of the pound. He hasn't said much about he about how he intends to turn things around, but it's safe to say he has his work cut out for him regardless, this will likely take months, even years for the UK to recover from this tumultuous time.