Who is Britain's new prime minister Rishi Sunak? Former finance chief becomes new leader

Abigail Adcox

Misty Severi

October 24, 11:40 AM October 24, 11:40 AM

Former Chancellor of the Exchequer Rishi Sunak won the leadership competition to be the next British prime minister Monday, following the resignation of Prime Minister Liz Truss last week.

Sunak, 42, was a prominent figure in former Prime Minister Boris Johnson's Cabinet until his resignation and steered the country's economy through the COVID-19 pandemic and the beginning of the war in Ukraine. Sunak first attempted to become the prime minister over the summer after Boris Johnson resigned from the position but was defeated by Truss. He announced his second bid after Truss's resignation on Thursday.

As Britain's former financial chief, Sunak had cast himself as the candidate who can best address the country's economic crisis, with a background in finance and economics and as the parliamentary private secretary at the Department for Business, Energy and Industrial Strategy.

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"The United Kingdom is a great country but we face a profound economic crisis," Sunak tweeted Sunday. "That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country."

Sunak, who is of Indian descent, will be the country's first Hindu prime minister and first person of color to hold the country's highest elected station.

Sunak said he would focus on tampering inflation rates before cutting taxes over the summer, arguing that it would increase the public debt and be worse for people in the long run if not addressed.

"It’s not moral to ask our children to pick up the tab for the bills that we’re not prepared to pay,” Sunak said in a debate against Truss.

Sunak also accused Truss of telling "fairy tales," referring to the potential fallout of her proposed tax cuts. Truss did end up revealing a mini-budget on her ideas for the economy, but did not propose a way to finance the plan, causing economic uncertainty and worsening the economic crisis.

Sunak has been accused of taking a softened stance on China. However, the former chancellor of the exchequer said that the Chinese Communist Party represented the "largest threat to Britain and the world’s security and prosperity this century" back in July.

To tackle Chinese cyber threats, Sunak has proposed building a new international alliance of "free nations" to share best practices in technology security.

Sunak was first elected as the Conservative member of Parliament for Richmond in May 2015. In February 2020, Sunak was appointed as chancellor of the exchequer. As chancellor, Sunak rolled out a number of aid packages for businesses and residents to help them financially through the pandemic. 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.

He served in the role until July 5, 2022, when he resigned, signaling he had lost confidence in Johnson's ability to lead the party. Prior to his time in politics, Sunak spent years working in finance and "co-founded an investment firm working with companies in multiple geographies," according to his biography on the U.K. government's website.

Sunak will meet with Truss and King Charles III later this week for the official exchange of power, where Truss will officially resign and Sunak will become the new leader. He is expected to give his first address as the new prime minister shortly after the meeting.

UK prime minister: Sunak leads race, Johnson yet to declare

Associated Press

October 23, 01:03 PM October 23, 01:03 PM

LONDON — Former British Treasury chief Rishi Sunak was the front-runner Sunday in the Conservative Party's race to replace Liz Truss as prime minister. Sunak garnered the public support of over 100 Tory lawmakers to forge ahead of his two main rivals: former Prime Minister Boris Johnson and ex-Cabinet minister Penny Mordaunt.

But widespread uncertainty remained after British media reported that Sunak held late-night talks with Johnson on Saturday. Speculation mounted that the pair could strike a deal to unite the fractured governing party after it was left reeling from Truss's rapid downfall following Johnson's ouster.

The Conservative Party hastily ordered a contest that aims to finalize nominations Monday and install a new prime minister — its third this year — within a week.

Sunak, 42, was runner-up after Truss in this summer's Tory leadership race to replace Johnson after he was forced out by a string of ethics scandals. On Sunday, he confirmed he was running again in the latest leadership contest.

Sunak has the backing of at least 124 Conservative lawmakers, according to unofficial tallies compiled by British news organizations. That's well ahead of the 100 nominations required to qualify.

"There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done," Sunak said in a statement.

Johnson, who has not yet declared if he is running, has public support from about 50 lawmakers so far, while Mordaunt had support from about 23, according to the unofficial tallies.

U.K. Business Secretary Jacob Rees-Mogg told the BBC on Sunday that he spoke with Johnson and "clearly he's going to stand" after flying back to London Saturday from a vacation in the Dominican Republic.

Mordaunt and Johnson — if he confirms he is running — have until Monday afternoon to garner 100 nominations. If all three meet the threshold, lawmakers will vote to knock out one and then hold an indicative vote on the final two.

The party's 172,000 members would then get to decide between the two finalists in an online vote. The new leader is due to be selected by Friday.

A possible return to power for Johnson, 58, who officially quit only in early September, has deeply divided the Conservatives and alarmed many others. Supporters say he is a vote winner and has enough support from lawmakers, but many critics warn that another Johnson government would be catastrophic for the party and the country.

Northern Ireland minister Steve Baker, a former backer of Johnson and an influential politician within the Conservative Party, warned a Johnson comeback would be a "guaranteed disaster." Baker noted that Johnson still faces an investigation into whether he lied to Parliament while in office about breaking his government's own coronavirus restrictions during parties at Downing Street.

If found guilty, Johnson could be suspended as a lawmaker.

"This isn't the time for Boris and his style," Baker told Sky News on Sunday. "What we can't do is have him as prime minister in circumstances where he's bound to implode, taking down the whole government ... and we just can't do that again."

But Johnson won the backing of several senior Conservatives, including Nadhim Zahawi, another former Treasury chief.

"He was contrite and honest about his mistakes. He'd learned from those mistakes how he could run No 10 and the country better," Zahawi said.

Truss quit Thursday after a turbulent 45 days, conceding that she could not deliver on her botched tax-cutting economic package, which she was forced to abandon after it sparked fury within her party and weeks of turmoil in financial markets.

Sunak, who was Treasury chief from 2020 until this summer, steered Britain's slumping economy through the coronavirus pandemic. He quit in July in protest of Johnson's leadership.

In the summer contest to replace Johnson, Sunak called promises by Truss and other rivals to immediately slash taxes reckless "fairy tales" and argued that climbing inflation must be controlled first.

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Tory voters backed Truss over Sunak, but he was proved right when Truss's unfunded tax-cutting package triggered chaos in the markets in September.

Dozens among Britain's 357 Conservative lawmakers have not yet publicly declared whom they are backing to replace Truss.

Liz Truss to switch Boris Johnson as British prime minister

Misty Severi

September 05, 08:02 AM September 05, 08:29 AM

Liz Truss wsick come to be the new British primary minister right after she defeated previous Chancellor of the Exchequer Rishi Sunak in a management contest for the Conservative Party.

Her earn will convey an conclusion to Boris Johnson's scandal-plagued premiership.

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Truss, who emerged as the front-runner in the race after narrowly securing the second slot nominated by the Conservative customers of Parliament in July, will stage into the new position Tuesday. She secured the new placement with 57% of the vote, as opposed to Sunak's 43%.

In her victory speech, Truss thanked Sunak and honored Johnson's achievements as primary minister, which includes his achievements during the pandemic and support in combating Russia's aggression in Ukraine.

“Boris: You got Brexit finished, you crushed Jeremy Corbyn, you rolled out the vaccine, and you stood up to Vladimir Putin. You are admired from Kyiv to Carlisle," Truss claimed. "I know that our beliefs resonate with the British men and women. I campaigned as a Conservative, and I will govern as a Conservative."

The new chief has ties with the United States that day again to the 1990s, when she oversaw a ship refurbishment task in Norfolk, Virginia, all through her time as an economist at Shell. Much more not too long ago, Truss served as Johnson's international secretary, the equal of the U.S.'s secretary of point out. Via her function, she has deepened relations with Antony Blinken, whom she labored with intently in the latest months to introduce sanctions in opposition to Russia for its invasion of Ukraine.

“I want us all to function collectively to resolve our dissimilarities and to be focused on the threats that we facial area,” Truss mentioned in a speech at the Atlantic Council. “Our top goal, working with all our allies, is to make the entire world safe and sound for flexibility and democracy.”

A common floor in between the United Kingdom and the U.S. has been its heavy sanctions towards Russia. The U.K. underneath Johnson's management has been one of Ukraine's best allies. Truss has furthermore been a powerful advocate and ally for the U.S. when it will come to confronting China. Regardless of her perform with Blinken, Truss will be envisioned to improve her ties with President Joe Biden and his administration in get to manage the strong relationship with the U.S., in accordance to Politico.

Truss was elected as the Conservative member of Parliament for southwestern Norfolk in 2010. In 2019, she was elected as minister for gals and equalities, and in 2021, she was picked as international secretary. Through her election marketing campaign, Truss billed economic system, stability, and the environment as "major difficulties" that she would tackle.

Johnson and the new key minister are now predicted to fly to Scotland Tuesday for the exchange of energy. In an unprecedented break from custom, the queen is anticipated to settle for Johnson's resignation from her palace in Balmoral, exactly where she will then talk to Truss to form a new governing administration. Johnson resigned as the Conservative Get together chief previous thirty day period immediately after a tumultuous career as the primary minister, which involved breaking COVID-19 protocols throughout lockdown and concluded in a mass exodus of his personnel.