Former Chancellor Rishi Sunak, who warned that Liz Truss’s economic plans for Britain were a “fairy tale,” is now the new Prime Minister of the UK taking over the world’s sixth-biggest economy at a time of deep financial and political turbulence.
Mr. Sunak’s rise to the top job in Britain marks a historic moment.
The grandson of Indian immigrants to Britain, the 42-year-old will be the first person of color and the first Hindu to lead the U.K. He will also be the youngest prime minister since Robert Banks Jenkinson, Earl of Liverpool, in 1812.
The former hedge-fund manager arrives with a mandate to bring calm to the ruling Conservative Party following a period of unparalleled chaos that will see the country run by three prime ministers in seven weeks—a first for the U.K.
Mr. Sunak takes over from Ms. Truss, who became the shortest-serving prime minister in British history after her flagship economic program to stimulate the economy with tax cuts at a time of high inflation was rejected by investors, causing the pound to sink to a record low and the Bank of England to intervene in bond markets to stabilize the price of U.K. government debt. Chancellor Rishi Sunak, who warned that Liz Truss’s economic plans for Britain were a “fairy tale,” is now the new Prime Minister of the UK taking over the world’s sixth-biggest economy at a time of deep financial and political turbulence.
Mr. Sunak’s rise to the top job in Britain marks a historic moment.
The grandson of Indian immigrants to Britain, the 42-year-old will be the first person of color and the first Hindu to lead the U.K. He will also be the youngest prime minister since Robert Banks Jenkinson, Earl of Liverpool, in 1812.
The former hedge-fund manager arrives with a mandate to bring calm to the ruling Conservative Party following a period of unparalleled chaos that will see the country run by three prime ministers in seven weeks—a first for the U.K.
Mr. Sunak takes over from Ms. Truss, who became the shortest-serving prime minister in British history after her flagship economic program to stimulate the economy with tax cuts at a time of high inflation was rejected by investors, causing the pound to sink to a record low and the Bank of England to intervene in bond markets to stabilize the price of U.K. government debt.
No comments