LONDON, Oct 24 (Reuters) - Rishi Sunak will be Britain's next prime minister after his rivals quit the race, following one of the most turbulent periods in British political history.
Following are latest events, comments and context:
POLITICS
* Sunak, the 42-year-old former finance minister, will become Britain's third prime minister in less than two months.
* Sunak will have to address multiple economic and political crises as soon as he takes office.
* His predecessor Liz Truss was brought down after just six weeks in office by her economic programme which roiled financial markets, pushed up living costs for voters and enraged much of her own party.
* After been chosen, he told Conservative lawmakers his first priority was delivering economic stability.
* "It's unite or die", he told his divided lawmakers shortly after the announcement, according to one present in the room.
* Boris Johnson, who was ousted as prime minister by his lawmakers in July, was aiming to make what would have been an extraordinary political comeback, before quitting the race.
* Sunak, one of the wealthiest politicians in Westminster, will become prime minister when invited to form a government by King Charles, likely on Tuesday.
* A former Goldman Sachs analyst, Sunak will be Britain's first prime minister of Indian origin.
* Many Indians are delighted at Sunak's rise to the top job.
* He is tasked with steering the country through an economic crisis and mounting anger among some voters.
* A nationwide election need not be called for another two years, but opposition parties said voters should now be given a say. The Labour Party leads the government by more than 30 points in some opinion polls.
* Sunak has ruled out an election, according to lawmakers present at a speech he gave on Monday.
MARKETS
* British government bond prices rose sharply after Sunak cruised to victory in the race to succeed Truss, removing at least one source of uncertainty for bond investors.
* Ten-year British government bond yields fell to their lowest level since former finance minister Kwasi Kwarteng's "mini budget" on Sept. 23.
* Sterling took support from news of Sunak's victory.
* The medium term outlook for the pound looks troubled however. "We maybe have a bit less chaos with Boris Johnson not running but it's not like Rishi Sunak has a strong programme presenting greater horizons ahead for the UK economy when the backdrop is still the backdrop," said John Hardy head of FX strategy at Saxo Bank.
ECONOMY
* Bank of England Deputy Governor Dave Ramsden said credibility was returning to British economic policymaking, judging by a recovery in the government bond market.
* Ruth Gregory, senior UK economist at Capital Economics in London said: "The fall in gilt yields on the news today that Rishi Sunak will become the UK’s next Prime Minister has reduced the chances of a significant fiscal consolidation. Even so, the new PM will still have to work hard to restore stability in the eyes of the financial markets."
WHAT'S BEHIND THE CRISIS?
* Britain's financial markets were plunged into turmoil on Sept. 23 after then-new finance minister Kwasi Kwarteng announced billions of pounds of unfunded tax cuts.
* The Bank of England was forced into emergency bond-buyingto stema sharp sell-off in Britain's $2.3 trillion government bond market that threatened to wreak havoc in the pension industry and increase recession risks.
* Kwarteng's replacement Jeremy Hunt on Monday scrapped "nearly all" of the economic plan and scaled back Truss's vast energy support scheme, announced in September, in a historic U-turn to try restore investor confidence.
* The BoE interventions have highlighted a growing segment of Britain's pensions sector - liability-driven investment.
