Rishi Sunak is the new Prime Minister of the United Kingdom, following a quick race for Conservative Party leadership that began last week to fill the void left by the Liz Truss resigns after only 44 days of premiership.
Just seven weeks after losing the run for the UK’s most prestigious post, 42-year-old Sunak won Conservative support as he was the only candidate to reach the 100-vote mark after Penny Mordaunt, the only challenger in the race. , abandoned the Tory leadership race.
The former finance minister enters the role of prime minister as the country grapples with a worsening economic picture following the chaotic fallout of the September Truss mini-budget.
After the announcement of the signed tax reform Quarterlythe pound had plummeted and the 10-year Gilt yield had exceeded 5%, forcing the Bank of England to break through with a bond purchase.
No cheerful tax policies
Sunak, who led the UK’s ministry of economy and finance through the period of the Covid-19 pandemic, is widely seen as a safe fiscal policy profile. Indeed, after being scolded by Truss during the race as a voice of Treasury orthodoxy, his criticism of the former Prime Minister’s “unfunded tax cuts” appears to have been confirmed.
According to UK media, the new prime minister is expected to keep the newly installed finance minister in office, Jeremy Huntsignaling some continuity after six rather turbulent months for UK politics.
Despite broad support from the Tories, some have questioned his ability to unite the fragmented Conservative Party, with many lawmakers considering him guilty of the fall of Boris Johnsonwho was ousted from office over a scandal three months ago.
But who is the new premier of the United Kingdom?
Educated in one of Britain’s most prestigious private schools, like his former boss Boris Johnson, Rishi Sunak has a sparkling curriculum, with degrees from the University of Oxford and Stanford University. He also has a background in the investment banking of the American financial giant, Goldman Sachs. But perhaps most impressive is that Sunak is one of the richest politicians in British history.
Sunak is married to the heir of Indian technology, Akshata Murty, whose fiscal affairs caused the former finance minister some political unease during his leadership campaign in the summer. Today, the couple, married in August 2009, have two children and a fortune of approx 900 million pounds.
Another factor that caused Sunak’s defeat to Truss is an online video clip of a 2007 BBC documentary, in which Sunak declares that he has no “friends of the working class” who has turned the British people against him.
In the course of his experience as Chancellor of the Exchequer, or finance minister, he became famous with his motto “Whatever it Takes”Taken by Mario Draghi and the launch of the largest public and business aid program in British history during the Covid emergency. This is 400 billion pounds or just over 10 points of public debt more, an initiative for which Sunak has earned the label of “socialist”By his more liberal party colleagues, including the Europhobic Brexit minister, Jacob Rees-Mogg.