Rishi Sunak has been named the UK’s new prime minister after defeating rival Penny Mordaunt in the country’s fast-paced leadership race.
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LONDON – With the appointment of Rishi Sunak as the UK’s new prime minister, the race for the Conservative Party leadership has begun to fill the void. Liz Truss resigns.
Sunak – who will be the country’s first leader of color – won the Conservative Party leader’s role after his only rival, Penny Mordaunt, dropped out of the race moments before MPs’ (private) votes were to be announced on Monday afternoon.
It comes after former Prime Minister Boris Johnson withdrew from the leadership race on Sunday.
Sunak does not automatically become Prime Minister on Monday, as the outgoing Prime Minister, Liz Truss, must first submit her resignation to King Charles, according to protocol. The king will then appoint a Sunak in the future.
The 42-year-old takes over after just seven weeks Seconding the trusswho stepped down on Thursday and quickly brought in 44 days in office – the shortest tenure of any UK prime minister.
The former finance minister stepped into the role as the country grapples with a worsening economic picture following the chaotic aftermath. Truss September Mini Budget.
There was excitement in the stock markets, Sterling sank And that The Bank of England was forced to intervene Truss and then-Finance Minister Kwasi Kwarteng announced unfunded tax cuts to disproportionately benefit the wealthy, even as the country faced a cost-of-living crisis, along with an emergency bond-buying operation.
Credited with boosting the UK economy from the height of the Covid-19 pandemic, Sunak is widely seen as a safe pair of financial hands. Indeed, after being berated by Truss during the race as a voice Treasury orthodoxyHis criticism of the Prime Minister’s “unfunded tax cuts” appears to be right.
Sterling hit $1.1326 against the dollar shortly after Sunak’s victory was announced.
As prime minister, Sanak is expected to retain the UK’s newly-installed finance minister, Jeremy Hunt, which represents some continuity for the UK government after months of turmoil.
However, some have questioned his ability to reunite the fractured Conservative Party, which many MPs blame for the downfall of Boris Johnson, who was ousted in scandal three months ago.
Johnson, who Dropped out of the leadership race on SundayA statement said that “in the national interest” he had tried to form a unity ticket with both Sunak and Mordaunt, but both had resisted his offer.
Meanwhile, Sunak – an Oxford-educated former investment banker – has been criticized as irrelevant, particularly the following A dispute over his wife’s tax statusSome questioned his ability to lead the country through its cost-of-living crisis.