A new U.K. prime minister has been selected to replaceLiz Truss, who resigned last week amid controversy over a widely criticized tax plan, becoming the nation’sshortest-serving prime minister.

Rishi Sunak, 42, will soon assume the top role, serving as the U.K.’s third premier in an eight-week span — and the first British Asian prime minister in history. Sunak went head-to-head with Truss for the premiership last month, earning 43% of the vote to Truss' 57%.

Upon Truss' sudden resignation, the former chancellor of the Exchequer wasquickly considered the frontrunnerto take her place. His lead was made more certain Sunday when former Prime MinisterBoris Johnson, who had publicly contemplated trying to return to 10 Downing Street, withdrew from the running.

Wiktor Szymanowicz/Anadolu Agency via Getty Images

Foreign Secretary Liz Truss delivers an acceptance speech at the Queen Elizabeth II Conference Centre

Truss replaced Johnson as prime minister in early September, after hestepped down amid his own scandals.

Fellow lawmakers began publicly calling on Truss to step down, which critics called a sign that she had lost control of her own government. On Thursday, Truss announced that she would be stepping back as prime minister and that Parliament would expedite the process to replace her.

Rishi Sunak.Dan Kitwood/Getty

Rishi Sunak speaks during the final Tory leadership hustings

Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

When Truss ran for the British government’s top post this summer, Sunak warned other Members of Parliament that her economic plan was a “fairy tale” and would not pan out well. His criticism was seen as pessimistic at a time when the U.K. wanted a reason to be optimistic, and MPs chose to put their faith in Truss.

Sunak’s predictions about Truss' tax cuts came true, sending the government into further turmoil. His foresight served as his greatest asset in convincing MPs this week to give him a shot at righting Truss' wrongs.

source: people.com