LONDON – Britain’s new prime minister asserts his predecessor made “mistakes,” and he promises to prioritize “economic stability and confidence.”
Rishi Sunak, speaking from outside prime minister’s residence, stated that he would face the “deep economic crisis” with compassion as well as lead a government of “integrity, competence, and accountability.”
Sunak’s top priority is to address the economic downturn that has left millions of Britons unable to pay their energy and food bills.
He succeeds Liz Truss, whose tax-cutting economic plans threw the country’s finances into disarray during her seven-week tenure.
Sunak was selected by the ruling Conservatives to replace Truss on Monday. He is anticipated to appoint a Cabinet on Tuesday.
On Tuesday, Rishi Sunak became Britain’s third prime minister of the year, he must now focus on controlling an economic crisis which has left the country’s finances in jeopardy as well as millions of Britons struggling to pay their food and energy bills.
Sunak, the United Kingdom’s first black leader, met with King Charles III at Buckingham Palace, who had recently accepted Liz Truss’ resignation. In Britain’s constitutional monarchy, the monarch appoints government leaders on a ceremonial basis.
Sunak, the youngest British head in more than 200 years, is anticipated to soon start appointing Cabinet members and dealing with an economy in recession.
As the 3rd Conservative prime minister this year, he will try to unify a divided ruling party.
Sunak was named leader of the ruling Conservative Party on Monday, as the party seeks to stabilize the economy and its own plummeting popularity following Liz Truss’s brief, disastrous tenure.
Truss resigned after issuing a public statement outside 10 Downing St., seven weeks to the day after Queen Elizabeth II, who died just two days later, appointed her prime minister.
Truss defended her low-tax economic vision as well as her brief tenure as prime minister prior to getting driven from the prime minister’s official residence for the final time.
“I am more confident than ever that we must be courageous in confronting the problems we face,” she said.
Despite the market chaos caused by her Sept. 23 budget package, she remained committed to the free-market principles of “lower taxes” and “delivering growth.”
Truss wished Sunak success as Britain “fights through a storm.”
Sunak’s primary concerns will be appointing Cabinet ministers and preparing a budget statement outlining how the government intends to fill a fiscal gap created by soaring inflation as well as a sluggish economy.
The statement, which is expected to include tax increases as well as spending cuts, is currently scheduled to be delivered in Parliament on Monday by Treasury Secretary Jeremy Hunt — assuming Sunak retains his position.
Sunak, who served as Treasury Secretary for two years until July, stated on Monday that Britain faces a “profound economic challenge.”
Sunak becomes Prime Minister in an astonishing turn of events, just weeks after losing to Truss in a Conservative vote to replace former Prime Minister Boris Johnson.
In the summer, party members preferred her tax-cutting rhetoric over his warnings about the need to control inflation.
Truss admitted last week that she would be unable to carry out her plans, but only after her efforts caused market chaos and worsened inflation at a moment when millions were struggling.
After months of chaos under Truss and Johnson, who resigned in July after becoming embroiled in ethics scandals, the party is now anxious for somebody to right the ship.
Sunak was elected Conservative Party leader as the only candidate to receive 100 nominations from fellow legislators to run in the party election.
Sunak crushed rival Penny Mordaunt, who may get a job in his government, and ousted Johnson, who returned from a Caribbean vacation to gather support for a comeback bid but did not receive enough support to run.
Sunak must attempt to unify a governing party that has moved into acrimony as its poll ratings have plummeted, in addition to stabilizing the UK economy.
Sunak ally Conservative lawmaker Victoria Atkins said the party would “settle” under Sunak.
“We all recognize that we must now rally behind Rishi and to be fair, the party’s done just that,” she told LBC radio.
