Devon County Council's leader has welcomed the arrival of Rishi Sunak at 10 Downing Street, while his opposite number hopes he can "bring some stability" to the nation's finances.

Mr Sunak officially took office on Tuesday, becoming the country's third Prime Minister in two months following the crisis-laden and short-lived reign of Liz Truss.

Reacting to the news, Conservative councillor John Hart, leader of Devon County Council, "warmly welcomed" the appointment.

"I supported him in the original ballot as the chancellor who negotiated our way through the COVID crisis with support for families and businesses and then introduced measures to help people at the start of the energy crisis," Cllr Hart said.

"I believe he has a clear grasp of the way that national and international markets affect our lives and how that must influence government decisions."

He added: "I know he values our vital public services and the role that local government has in looking after vulnerable people and helping to drive economic growth and appreciates this has to be properly funded.

"A Rishi Sunak-led government can restore the reputation of our country and inspire confidence for the future."

The county council's opposition leader, Liberal Democrat councillor Julian Brazil, said: "Let's hope Mr Sunak can bring some stability to the country's finances – it's the least we need.

"Devon is in a massive financial hole. We need support from central government – Mr Sunak must provide that support. This country is more unequal then ever and some people are going to struggle more and more.

"As one of the richest countries in the world, we will see if the new PM is prepared to really take the tough decisions. We need to see taxes on wealth, double council tax on second homes would be a start. In the end it's about choices – time will tell if he's up to it."

Meanwhile, Labour councillor Rob Hannaford said the "revolving door at 10 Downing Street" meant it was time for a general election, in order to "move the country forward to a strong stable government that can effectively focus on the people's priorities".

He added: "Rishi Sunak has no democratic mandate to now embark on a raft of new policies and initiatives.

"We have endured twelve long years of unnecessary austerity that has left the country socially exhausted and economically uncompetitive. It's also very clear that people don't want this government anymore."

Mr Sunak used to first speech to address those who claim he doesn't have a mandate, saying: "The mandate my party earned in 2019 [under Boris Johnson] is not the sole property of any one individual, it is a mandate that belongs to and unites all of us.

"And the heart of that mandate is our manifesto. I will deliver on its promise."

But Labour, the Lib Dems and the Green Party have repeated their calls for a general election, which does not have to be held until January 2025 if a prime minister can command a majority in parliament.