Foreign Secretary Liz Truss is set to become the UK's new prime minister after defeating former Chancellor of the Exchequer Rishi Sunak in the Conservative Party leadership contest. Truss succeeds Boris Johnson and will take power on Tuesday after the outgoing and incoming premiers have met with Queen Elizabeth II at Balmoral, her castle in Scotland. Speaking in Westminster shortly after the result of the vote was announced, Truss vowed to "deliver a bold plan to cut taxes and grow the economy" and to lead the Tory Party to a general election victory in 2024.