Early Edition with Kate Hawkesby

Liz Truss has been elected as the Conservative Party's new leader, the party announced Monday, and she will take office Tuesday as Britain's new prime minister to steer the country through an acute cost-of-living crisis. The 47-year-old Truss, who is currently foreign secretary, beat former Treasury chief Rishi Sunak after a leadership contest in which only about 170,000 dues-paying members of the Conservative Party were allowed to vote. Truss received 81,326 votes, compared with Sunak's 60,399. She faces immediate pressure to deliver on her promises to tackle the cost-of-living crisis walloping the U.K. and an economy heading into a potentially lengthy recession. Queen Elizabeth II is scheduled to formally appoint Truss as Britain's prime minister on Tuesday. The ceremony will take place at the queen's Balmoral estate in Scotland, where the monarch is spending her summer, rather than Buckingham Palace in London. The two-month leadership contest left Britain with a power vacuum at a time of growing discontent