Tuesday, October 25, Rishi Sunak was named the new Prime Minister (PM) of the United Kingdom. Sunak became the third PM of the nation in just two months and its youngest PM since the 19th century after Liz Truss resigned on October 20. Truss’ 44 days in office proved disastrous and generated further turmoil in the UK’s distressed economy.
After meeting with King Charles Tuesday morning, Sunak officially became the nation’s newest head of government. While the new PM did praise his predecessor’s ambition, he also acknowledged that Truss made mistakes in her plan to generate economic growth.
Besides reviving the British economy, Sunak is also tasked with restoring public trust in politics in his role as PM. Part of his strategy to achieve this is by appointing cabinet members from all arms of the Conservative Party. This is also hoped to stop hostilities among the branches and sudden changes in policy.
Sunak further acknowledged that he has been elected not only to lead the Conservative Party but also to repair it. Addressing the media in front of the PM’s residence on Downing Street, he said, “I understand, too, that I have work to do to restore trust after all that has happened. All I can say is that I am not daunted. I know the high office I have accepted, and I hope to live up to its demands.”
Several people have already been appointed to help Rishi Sunak achieve these goals. Dominic Raab was restored as deputy PM. Raab lost this role during Truss’ brief tenure. James Cleverly was reappointed as foreign minister, and Ben Wallace was named defense minister. One of Sunak’s opponents, Penny Mordaunt, will retain her role as leader of the House of Commons.
Rishi Sunak has some tough decisions ahead to cut spending. Britain’s economic slowdown has created an estimated $45 billion (40 billion pounds) loss in national public finances. Higher borrowing costs paired with energy and housing crises have further contributed to the troubled economy. However, Sunak is no stranger to finances as he ran the UK treasury during the COVID-19 pandemic.
Economists and investors are optimistic about Rishi Sunak’s appointment. Those in London’s financial district deem him “competent.” Sunak has vowed to put confidence in the government and economic stability front and center of his agenda for the United Kingdom.