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Rishi Sunak promises to right the wrongs when he becomes British Prime Minister

Rishi Sunak promises to right the wrongs when he becomes British Prime Minister

Rishi Sunak has been appointed as the new Prime Minister of Great Britain and the country’s first colored leader.

Jeff J Mitchell | Getty Images News | Getty Images

LONDON – Rishi Sunak became the third Prime Minister of Great Britain in a year on Tuesday after meeting with King Charles III.

According to tradition, the monarch invites the leader of the party with the largest number of deputies to form the government, and since the 2019 general election, it has been the Conservatives.

Speaking outside 10 Downing Street after the meeting, Sunak said: “Our country is facing a deep economic crisis. The effects of Covid are still lingering, Putin’s war in Ukraine has destabilized energy markets and supply chains around the world.”

He paid tribute to his predecessor Liz Truss, who he said was “not wrong” to want to improve growth in the UK. But, he continued, “some mistakes were made,” not “out of bad will or bad intentions,” but “mistakes nonetheless” — and he was elected “in part to fix them.”

“I will put economic stability and trust at the heart of the government’s agenda. That will mean tough decisions ahead. But you saw me during Covid doing everything I could to protect people and companies with plans like leave. There are always limits, more so than ever, but I promise you this. I will bring that same compassion to the challenges we face today.”

He then indicated that he would implement the manifesto on which the conservatives were elected in 2019.

Sunak is now expected to begin appointing new cabinet members in another reshuffle of Britain’s political elite.

His colleagues in the conservative party elected him party leader the Monday after Truss’s resignation on Thursday.

Rishi Sunak will be the next British Prime Minister

Milestone-marker

The 42-year-old will be Britain’s youngest prime minister since 1812 and the first person of color to lead the country, which US President Joe Biden said on Monday was a “landmark”. Sunak’s parents are of Indian origin and moved from East Africa to Great Britain in the 1960s

Sunak also has the largest personal wealth of any of his predecessors. His wife Akshata Murthy is the daughter of Indian IT company Infosys co-founder NR Narayana Murthy, and the couple have a combined net worth of £730 million ($824 million). according to Sunday Times rich list, making them joint 222nd richest people in the UK

Earlier this year, Murthy made headlines due to her non-resident tax status, which allows her to avoid paying millions in UK tax on international earnings. She said she would start paying UK tax on these earnings following the controversy.

Before entering politics, Sunak worked as an analyst at Goldman Sachs and a partner in billionaire Chris Hohn’s Children’s Investment Fund Management. He was privately educated in Great Britain and studied philosophy, politics and economics at Oxford, like four prime ministers and dozens of high political figures before himfollowed by an MBA from Stanford University.

He was elected as the Conservative MP for North Yorkshire in the 2015 general election, and was Chancellor of the Exchequer under former Prime Minister Boris Johnson from February 2020 to July 2022. Through this, he oversaw the UK’s economic response to the pandemic, including the program for lay off millions of workers.

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He ran for the party leadership following Johnson’s resignation in July and was backed by MPs in a two-candidate battle against Truss, but lost a vote of around 200,000 Conservative Party members, who backed Truss against Sunak by 57% to 42.6%.

Many members favored Truss’ strong stance on tax cuts and regulation as soon as she took office, which Sunak warned was misdirected at a time of central bank tightening and increased consumption to support energy bills. His warnings that the plan would cause a sell-off in British assets including gilts (government bonds) and pounds it proved prophetic.

Political confusion

Truss’s resignation came just 44 days into her tenure, during which 10 government jobs were suspended due to the death of Queen Elizabeth II. A wave of Conservative MPs sent letters expressing a lack of confidence in her government after she oversaw it controversial “mini-budget” that shook the financial marketswhich makes government borrowing more expensive and raises interest rate expectations.

Truss had fired its finance minister, vice versa most suggestions and tried confirm again her position. But the pressure on her from the party continued, especially after her chaotic night resignation her Minister of the Interior and reports MPs in tears after being “forced” to vote on fracking in what was seen as a vote of confidence in the government.

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Johnson’s departure was similarly chaotic, after months of public and MP outcry over a series of scandals. They included Both Johnson and Sunak are fined by the police for Downing Street events during the Covid-19 lockdown and Johnson’s scheduling senior political figures despite being aware of previous allegations against him.

Sunak now faces a packed in a tray which includes numerous forecasts that the UK is headed for recession; a the cost of living crisis with inflation above 10%; current issues of the European energy crisis and the war in Ukraine; weak pound; the planned revamped budget on October 31, which Finance Minister Jeremy Hunt said would include “tough decisions” on spending; and the need to reassure financial markets of the UK’s economic competence.

He will also deal with calls for a general election, which are being championed by the opposition Labour, Scottish National, Liberal Democrat, Plaid Cymru and Green parties, as well as several Conservative MPs who did not back Sunak.

Many Conservative MPs are resistant to the election given the party’s current poor poll results. The next election will be held in January 2025 unless called earlier by the Prime Minister. It is also possible that an election could be forced if a majority of Britain’s 650 MPs vote for one.

Exit to the grill

Truss held her final cabinet meeting on Tuesday morning. Speaking outside 10 Downing Street, she said: “It has been a great honor to be Prime Minister of this great country, particularly to lead the country in mourning the passing of Her Majesty the Queen after 70 years of service and the accession of His Majesty King Charles III.”

Truss only took office on September 6. She cited her administration’s short-lived achievements as support for households and businesses with energy bills and the reversal of a planned National Insurance tax hike, one of the only tax cuts remaining from the fiscal policy package she was forced to reverse after market chaos.

Echoing themes on which she campaigned and governed, she said: “We simply cannot afford to be a country of low growth, where the government is taking more and more of our national wealth and where there are huge divisions between parts of the country. We must use our the freedom of Brexit to do things differently.”

“That means lower taxes so people can keep more of the money they earn. And it means achieving growth that will lead to greater job security, higher wages and more opportunities for our children and grandchildren.”



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