Liz Truss has been elected as the Conservative party’s new leader on Monday.

Ms Truss overcame competition from Rishi Sunak, a former chancellor of the Exchequer. 

Her victory over Mr Sunak makes her the UK’s third female prime minister, winning 57 per cent of the votes against Mr Sunak’s 43 per cent, after Margaret Thatcher and Theresa May.

The new Tory leader will replace Prime Minister Boris Johnson, forced to step down after dozens of members of government resigned in protest after a series of scandals.

Ms Truss’s pledge to scrap a controversial national insurance rise which came into effect in April. It marked a departure from her defence of the policy as a minister in Mr Johnson’s cabinet, prior to his resignation, when she was bound by collective responsibility to support the move publicly.

The levy was introduced to raise funds for the NHS and social care, but has proved controversial at a time when households are feeling the squeeze from soaring food and energy bills.

Ms Truss argued “it isn’t right to be putting up taxes now,” and as leader she would take “immediate action” to assist with living costs.

She said she would “keep corporation tax competitive,” hinting that she wants to look again at Mr Sunak’s plans to hike the rate in April 2023, but did not go so far as to match some of her fellow contenders’ pledges to scrap the rise entirely.

Ms Truss said she would “get the private sector growing faster than the public sector, with a long-term plan to bring down the size of the state and the tax burden.”

Ms Truss also stated that she would bring “clear and decisive leadership” to Downing Street, adding: “Colleagues know I mean what I say and only make promises I can keep. I can be trusted to deliver.”

She had assured that the Tories could win the next election, but acknowledged it would be “an uphill battle.”