What to Know About Rishi Sunak, the New U.K. Prime Minister Selected to Replace Liz Truss

The U.K. will get its third prime minister in eight weeks, with Rishi Sunak selected to replace Liz Truss, who resigned last week amid controversy over a widely criticized tax plan, becoming the nation's shortest-serving prime minister.

Here's what to know about 42-year-old Conservative Party leader Sunak, who has served as the Member of Parliament for Richmond (Yorks) since 2015, as he faces intense scrutiny in assuming the role during a tumultuous time in British politics.

He's already made history

Sunak will be the first British Asian prime minister in U.K. history, and is also Britain's youngest prime minister in more than 200 years. He is the country's first prime minister of Hindu faith and first premier of color in modern times.

But he also faces mounting challenges brought on by his predecessor's short tenure, distrust among the British public and the economic crisis facing the country.

In a Tweet published Sunday, one day ahead of his official selection to the role by the Conservative Party, Sunak suggested he was ready to take on the challenge.

"The United Kingdom is a great country but we face a profound economic crisis. That's why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country," Sunak wrote.

RELATED: New U.K. Prime Minister Chosen to Replace Liz Truss, Making History as First British Asian Premier

Prior to becoming the Conservative Party leader, Sunak served as Chancellor of the Exchequer from 2020 to 2022, and before that, as Chief Secretary to the Treasury from 2019 to 2020.

Sunak is married to Akshata Murty, the daughter of billionaire businessman N. R. Narayana Murthy, and the couple have two children.

Dan Kitwood/Getty Rishi Sunak

He was an early critic of Truss' now-failed tax plan

Sunak went head-to-head with Truss for the premiership last month, earning 43% of the vote to Truss' 57%. Though he and Truss are both Conservatives, they did offer very different platforms, with Sunak criticizing her now-failed tax plan early on.

During her short time in office, Truss' chancellor, Kwasi Kwarteng, announced a £45 billion tax cut package that would ultimately be her undoing. Upon making the announcement, the British pound collapsed and the London stock market went into free fall. Kwarteng was soon fired and the tax cut plan was reversed — though the damage to Truss, who ultimately left office amid the chaos — was done.

RELATED: What Happened with Liz Truss: A Timeline of Her 6 Weeks as U.K. Prime Minister

Sunak had earlier predicted the havoc the plan would wreak, saying during his campaign against Truss: "I'd love to stand here and say that I'll cut taxes and it'll all be okay. But it won't, because there is a cost to these things. Costs of higher inflation, higher mortgage rates and eroded savings. This 'something for nothing' economics isn't conservative, it's socialism."

While Sunak would seem to have the gift of foresight, Fortune reports he was initially ridiculed for his criticism.

He's faced controversies of his own in the past

Sunak made headlines with the release of a 2001 BBC documentary in which he discussed the economic backgrounds of those in his friend group.

"I have friends who are aristocrats, I have friends who are upper-class, I have friends who are, you know, working class," a then 21-year-old Sunak said in the documentary, titled Middle Classes: Their Rise and Sprawl, before correcting himself.

"Well, not working class," he added.

The clip drew backlash when it resurfaced during his previous campaign for prime minister, when he eventually became runner-up to Truss.

Peter Summers/Getty Rishi Sunak

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Sunak, an Oxford- and Stanford-educated son of Indian immigrants, has been mired in other scandals, too.

The New York Times reports that Sunak continued to hold a green card after becoming chancellor, allowing him to live in the U.S. for months into the job. Separately, his wife, Akshata Narayan Murty — a U.K.-based fashion designer and the daughter of the founder of a multinational IT company — "was found to have claimed a tax status that allowed her to avoid paying taxes on some of her income," the Times reports.