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Former Chancellor of the Exchequer Rishi Sunak was announced as the new British prime minister on Monday after becoming the sole candidate left in the race when his opponents all bowed out of the race.
Former Prime Minister Boris Johnson paved the way for Sunak’s win after announcing he was not seeking the leadership position on Sunday, claiming it was not the right time for him to return to politics. Johnson resigned as prime minister over the summer following multiple ethical controversies and was replaced by Prime Minister Liz Truss. However, Truss resigned last week after 45 days in office following multiple economic and energy crises.
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Sunak’s main challenger to succeed Truss was House of Commons leader Penny Mordaunt, who failed to meet the mandatory 100 signatures by the 2 p.m. deadline. Mordaunt ended up pulling out of the race a few minutes before the deadline and said in a statement that Sunak “has my full support.” Mordaunt served as the defense secretary for former Prime Minister Theresa May in 2019 and was the first woman to hold the position.
https://twitter.com/PennyMordaunt/status/1584529702466686977Sunak is the country’s third prime minister in two months and will be the country’s youngest prime minister since 1810, at the age of 42.
Sunak, who served as Johnson’s treasury chief, rolled out a number of aid packages for businesses and residents to help them financially through the pandemic during his tenure as chancellor. Earlier this year, he unveiled a plan worth 15 billion euros that was aimed at providing relief to households struggling with the rising cost of living in the country.
During his first bid for prime minister over the summer, Sunak called Truss’s economic agenda and proposals a “fairy tale” and claimed her proposed tax cuts were not realistic. Despite Sunak’s warning, Truss kept her word and unveiled a “mini-budget” that included $50 billion in tax cuts without a proposition of how the government would pay for it. Because of the financial uncertainty, the pound plunged to a record low against the U.S. dollar, and government borrowing soared. Inflation also ran at 10%, triggering interest rates to rise faster than expected, according to the central bank. The Bank of England was forced to purchase government bonds.
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Sunak, who is of Indian descent, will be the country’s first Hindu prime minister and the first person of color to hold the country’s highest public office. Truss and Sunak will meet with King Charles III either Monday night or Tuesday morning for the transfer of power. Sunak will then return to Downing Street for his first press conference as prime minister, where he is expected to announce his Cabinet.
