Following the resignations of Boris Johnson and Liz Truss, Rishi Sunak becomes the third Prime Minister in a span of two months.
Rishi Sunak, an investment banker-turned-politician, has been officially announced as the 57th Prime Minister of Britain after an invitation by King Charles III at Buckingham Palace to form a government on Tuesday. Following the resignations of Boris Johnson and Liz Truss, Sunak becomes the third Prime Minister in a span of two months and the first person of colour to hold the office sculpting a historic event on the grounds of the UK.
Sunak issued a windswept warning outside his 10th Downing Street office, stating the British economy is facing an extensive economic crisis. “I will place economic stability and confidence at the heart of this government’s agenda. This will mean difficult decisions to come,” he pledged. Truss had delivered her last speech as PM earlier in the day.
A big win for the Conservative party as it was announced that Rishi Sunak had acquired the required number of votes from 100 members of the House of Commons to run on the ballot on October 24th. Boris Johnson, who had previously planned on running for office again, ruled himself out of the race, and so did Penny Mordaunt, leader of the House of Commons during Truss’ government, leaving Rishi Sunak as the new leader of Tories and the PM of the UK.
Tory MPs, ministers in office, and ex-leaders have congratulated Sunak on commencing his new leadership, as have the Prime Ministers of India and Ireland. The White House sent its regards, stating President Joe Biden is looking forward to working with Rishi Sunak.
The UK experienced a series of turmoil over the past few months, given Boris resigning after copious scandals and Liz Truss quitting after her poorly formed and now-infamous mini-budget economic policy that backfired and sent the financial markets into out-and-out chaos. “But some mistakes were made- not born out of an ill will or bad intentions. Quite the opposite, in fact. But mistakes, nonetheless. And I have been elected as leader of my party and your prime minister, in part to fix them,” he addressed the nation on October 25th as he commenced his term.
A brand new fiscal policy is expected in the coming week because of government plans to abate the turbulent markets. Economists expect this election to calm the investing markets. The pound sterling recovered in dainty amounts from the increased risk sentiment on Tuesday as investors welcomed Rishi Sunak into office. Jeremy Hunt is retained to continue as the Chancellor and to release plans to cut debt as a share of GDP in the mid-term after the Bank of England releases its interest rate decision on November 3rd.
It is the first time an individual being British-Asian is holding such an important post on international grounds considering Britain’s position as a permanent member of the UN Security Council in addition to being one of the most industrialized countries among the G7 nations.
Rishi Sunak definitely logged in during one of the most crisis-ridden periods in UK history, involving an economic slowdown, commodity price surge, repercussions of Brexit, aftershocks of Covid and the Russian aggression. He addressed his fellow Conservative MPs stating the ardent need to “unite or die.” He adds to spruce up morale with, “We get one shot. No second chances. This is an existential moment.”
The 42-year-old former hedge fund tycoon is now expected to bargain spending cuts to deputise a 40-billion-pound gap in public finances caused by soaring borrowing costs and a six-month energy bill support program. He committed to a zero carbon emission UK by 2050 and a zero-debt policy for the next generation.
The new PM reporting for office aims at uniting a fractious party that begins with a cabinet reshuffling. He exclusively promised “integrity, professionalism and accountability” from his new government. “I will unite our country not with words but with action. I will work day in and day out to deliver for you,” Sunak vowed in his first speech. The UK seems to be experiencing a ray of light amid continual darkness, but only time can tell if the ray soothes or stings.