INCOMING prime minister Rishi Sunak has spoken for the first time since he won the Tory leadership contest - with a speech lasting just under a minute and a half. 

The former chancellor was beaten in this summer's Tory leadership race by Liz Truss, who was forced to stand down last week after her disastrous mini-budget caused the UK economy to crash, but has been appointed the UK's new PM after effectively running unopposed.

Following his coronation, Sunak headed to Conservative HQ in London to meet with MPs and was pictured posing outside with his supporters who cheered his arrival.

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Speaking from inside the party headquarters in a televised address, the Tory party leader only spoke for one minute and 24 seconds. The speech was only 183 words long. 

In front of a blue background with a Union flag to the side, Sunak said: "I'd like to pay tribute to Liz truss for her dedicated public service to the country. 

"She has led with dignity and grace through a time of great change and under exceptionally difficult circumstances, both at home and abroad. 

"I am humbled and honoured to have the support of my parliamentary colleagues and to be elected as leader of the Conservative and Unionist Party.

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"It is the greatest privilege of my life to be able to serve the party I love and give back to the country I owe so much to. The United Kingdom is a great country, but there is no doubt we face a profound economic challenge. 

"We now need stability and unity and I will make it my utmost priority to bring our party and our country together, because that is the only way we will overcome the challenges we face and build a better, more prosperous future for our children and our grandchildren.

"I pledge that I will serve you with integrity and humility, and I will work day in, day out to deliver for the British people."

Sunak then paused, before turning and leaving the lecturn. 

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It comes as the Prime Minister’s official spokesman said a timetable had not yet been decided for the transition of power.

“I can confirm that the transition won’t be taking place today,” the spokesman told reporters.

“Beyond that there are discussions ongoing between the outgoing PM, the incoming PM and the Palace with regards to timetable.”

The spokesman could not confirm whether Sunak would take Prime Minister’s Questions in the Commons on Wednesday.

“I can’t be definitive at this point,” the spokesman said.

As Sunak has left the Conservative HQ, a large crowd of onlookers had gathered at the gates and, as he was driven off, a woman shouted “General Election now”.