Story: UK's newely elected PM Rishi Sunak ; Updated: 25-10-2022;
Rishi Sunak, Prime Minister of the United Kingdom, and the challenges ahead.
• Sunak in his second address to the nation today said, he will make sure the people and the country comes out of the current difficult situation.
• Sunak promised to unite the nation “facing a profound economic crisis”.
• King Charles III, appointed Rishi Sunak as Britain's Prime Minister.
• Sunak becomes the youngest Prime Minister in 200 years of UK's history (well around that).
Sunak's challenges as UK's Prime Minister in 2022:
Internal party conflicts for the power supremacy: The conservative party is going through a tussle within itself, related to the power and leadership of both the party and the country.
Liz Truss resignation has been seen by many as a prime example of the conflicts within the conservative party. Her own party members revolted against her and the opponents did the rest, making her fall under pressure and resign.
Boris Johnson, Liz Truss, Penny Mordaunt these are the top names who might create challenges to Sunak's leadership and operating capability as Prime Minister, due to the old power tussle.
Economic Instability: The British currency has suffered a lot in recent times, and economic stability and confidence has been shaken due to falling pound prices.
Liz Truss bad policies and an economy that was headed for a recession even before the recent turmoil triggered by truss, Sunak has immense responsibility to recover the fallen currency and regain the trust of the market.
Truss resigned after her budget of tax cuts funded by debt sent shockwaves through markets, crashing the pound.
Sunak's road to PM office:
He became the 3rd UK prime minister in 50 days. he has replaced Liz Truss for the post, she served just 44 days as UK's Prime Minister.
Rishi Sunak was among the top contenders for the post, alongside former Prime Minister Boris Johnson and Penny Mordaunt (Leader of the House of Commons of the United Kingdom.)
• Sunak was finalized to be next PM on Monday, the Indian origin, British politician was chosen to be new leader of the Conservative Party.
Rishi Sunak in his first address to the nation yesterday, said, “I pledge that I will serve you with integrity and humility”, he also added, “I will work day in day out to deliver for the British people”.
Here's What Liz Truss tweeted:
The current “in charge” Prime Minister Liz Truss, who served only 44 days as Prime Minister, congratulated Mr. Sunak via Twitter, “Congratulations on being appointed as Leader of the Conservative Party and our next Prime Minister.” She added, “You have my full support.”
Here's What Boris Johnson tweeted:
Former British PM Boris Johnson congratulated Rishi Sunak on his appointment as prime minister, urging Tory party members to give Sunak their full support.
“Congratulations to (Rishi Sunak) on this historic day; this is the moment for every Conservative to give our new PM their full and wholehearted support,” Johnson wrote on Twitter.
Brief about Rishi Sunak :
Rishi Sunak comes from a family of Indian-origin parents, but he was born in England Southampton (a port city in the ceremonial county of Hampshire in southern England.)
The 42 years old Sunak was born on 12 May 1980, has achieved tremendously in the small political career.
He already has served as Chancellor of the Exchequer from 2020 to 2022, and before that he was the Chief Secretary to the Treasury from 2019 to 2020.
• Sunak is the first ever “non-white” and an Indian origin person to have ever become the United Kingdom's Prime Minister.
• Sunak was runner-up in PM race just in previous elections a month ago.
Education and career:
Sunak is a member of the Conservative Party and a parliamentarian since 2015.
Sunak studied philosophy, politics, and economics (PPE) at Lincoln College, Oxford. He also did MBA from Stanford University in California later.
He was a director of the investment firm Catamaran Ventures, owned by his father-in-law, Indian businessman N. R. Narayana Murthy between 2013 and 2015.
He did worked in an investment bank and co-founded a hedge fund before entering politics.
What Rishi Sunak Promised to deliver if becomes PM, back in September this year:
Mr Sunak seems to be doubling down on the promises to reduce taxes for common man in general pledges like, cutting basic rate of income tax by 1p in April 2024 and a further 3p later.
Scraping 5% VAT rate on household energy for one year if the price cap on bills rises above £3,000 for the typical household.
Increase the corporation tax from 19% to 25% in April 2023.
Mr Sunak said he would control inflation and would focus on employment issues.
He said he would support the return of grammar schools and will open 75 new free schools.
He stressed on his ambitions regarding developing the country's infrastructure.
He said his policymaking would involve development of homes on Brownfield plots (land that has been developed previously and then abandoned.) and he expressed that he consider modular building (a prefabricated building that consists of repeated sections called modules.)
Mr. Sunak said he will honour the goal of reaching net zero by 2050.