The new British Prime Minister once warned that his predecessor's plans for the economy were "fairy tales." Rishi Sunak has promised to fix those mistakes. He says he will place economic stability and confidence at the heart of his government's agenda.

Sunak visited King Charles at Buckingham Palace on Tuesday for the ceremony known as "kissing hands." He accepted the King's offer to become prime minister and to form a government.

Sunak won the contest to replace Liz Truss as leader of the Conservative Party just seven weeks after she took power. Truss's plans to cut taxes left markets in chaos. Sunak acknowledged the country is facing a "profound economic crisis."

Sunak said, "I understand, too, that I have work to do to restore trust after all that has happened. All I can say is that I am not daunted."

He followed up on his promise of achieving financial stability by asking Jeremy Hunt to stay on as Chancellor of the Exchequer. He also kept the defense and foreign secretaries in place.

Sunak added that "when the opportunity to serve comes along, you cannot question the moment -- only your willingness."