UK’S new PM faces daunting task
Britain’s new prime minister, Rishi Sunak, said on Tuesday he would try to fix the mess left by his predecessor, restore faith in politics and tackle a “profound economic crisis” but warned the country there would be difficult decisions.
Sunak, 42, Britain’s youngest prime minister for more than 200 years and its first leader of colour, replaces Liz Truss, who resigned after 44 days following a “mini budget” that sparked turmoil in financial markets.
Standing in front of his Downing Street office, Sunak paid tribute to Truss, saying the mistakes she made had no ill intent.
“Some mistakes were made [by Truss]. Not born of ill will or bad intentions. Quite the opposite in fact. But mistakes nonetheless,” he said.
“And I have been elected as leader of my party and your prime minister, in part to fix them. And that work begins immediately. I will place economic stability and confidence at the heart of this government’s agenda. This will mean difficult decisions to come.”
Appealing to a pubic facing rising energy and food prices, Sunak, one of the wealthiest lawmakers in parliament, said he fully appreciated how hard things were for many.
“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,” he said.”so I stand here before you ready to lead our country into the future.
“To put your needs above politics, to reach out and build a government that represents the very best traditions of my party. Together we can achieve incredible things.”
Sunak is Britain’s third prime minister in less than two months, after infighting and feuding at Westminster that has horrified investors and alarmed international allies.
The former hedge fund boss will now need to find deep spending cuts to plug a £40bn (R837bn) hole in the public finances at a time when his party’s standing in the country has plummeted.
He warned his Conservative colleagues on Monday that the party faced an “existential crisis” if it did not help to steer the country through what he described as a “profound economic challenge.
“We now need stability and unity, and I will make it my utmost priority to bring our party and our country together,” he said.
With debt interest costs rising and the outlook for the economy deteriorating, he will need to review all spending, including on politically sensitive areas such as health, education, defence, welfare and pensions.
His first task, after being appointed by King Charles at Buckingham Palace, will be to select a cabinet of senior ministers that some Conservative lawmakers hope will include politicians from all wings of the party.
He is expected to retain Jeremy Hunt as finance minister after the former foreign and health secretary helped to calm volatile bond markets by ripping up most of Truss’s economic programme.