Rishi Sunak becomes Britain’s 3rd leader in 2 months, inheriting a host of challenges
Rishi Sunak #RishiSunak
Rishi Sunak was installed as Britain’s third prime minister in two months by King Charles III on Tuesday, before appointing a Cabinet that will have to wrestle with the country’s economic and political crises.
Sunak, the U.K.’s first leader of color, was selected Monday as leader of the ruling Conservative Party, which is trying to stabilize the economy, and its own plunging popularity, after the brief, disastrous term of Sunak’s predecessor, Liz Truss.
Truss departed after making a public statement outside 10 Downing St., exactly seven weeks after she was appointed prime minister by Queen Elizabeth II. The queen died two days later.
Truss offered a defense of her low-tax economic vision and her brief term in office before being driven from the prime minister’s official residence to Buckingham Palace, where she formally tendered her resignation to the king.
“I am more convinced than ever that we need to be bold and confront the problems we face,” she said, adding that she stood by her free-market principles of “lower taxes” and “delivering growth,” despite the market mayhem triggered by her Sept. 23 budget package.
Truss wished Sunak success as Britain continues “to battle through a storm.”
Sunak — at 42 the youngest British leader for more than 200 years — must try to shore up an economy sliding toward recession and reeling after his predecessor’s experiment in libertarian economics, while also attempting to unite a demoralized and divided party that trails far behind the opposition in opinion polls.
His top priorities will be appointing Cabinet ministers, and preparing for a budget statement that will set out how the government plans to come up with billions of pounds to fill a fiscal hole created by soaring inflation and a sluggish economy and exacerbated by Truss’ missteps.
The statement, set to feature tax increases and spending cuts, is currently due to be made in Parliament on Monday by Treasury chief Jeremy Hunt — if Sunak keeps him in the job.
Sunak, who was Treasury chief himself for two years until July, said Monday that Britain faces “a profound economic challenge.”
Sunak has become prime minister in a remarkable reversal of fortune just weeks after he lost to Truss in a Conservative election to replace former Prime Minister Boris Johnson. Party members chose her tax-cutting boosterism over his warnings that inflation must be tamed.
Truss conceded last week that she could not deliver on her plans — but only after her attempts triggered market chaos and worsened inflation at a time when millions of Britons are already struggling with soaring borrowing costs and rising energy and food prices.
The Conservative Party is now desperate for someone to right the ship after months of chaos under Truss and Johnson, who quit in July after becoming mired in ethics scandals.
Sunak was chosen as Conservative leader Monday after becoming the only candidate to clear the hurdle of 100 nominations from fellow lawmakers to run in the party election. Sunak saw off challenges from rival Penny Mordaunt, who may get a job in his administration, and the ousted Johnson, who dashed back from a Caribbean vacation to try to rally support for a comeback bid.
As well as stabilizing the British economy, Sunak must try to unite a ruling party beset by factionalism and acrimony amid plunging poll ratings.
Conservative lawmaker Victoria Atkins, a Sunak ally, said the party would “settle down” under his leadership.
“We all understand that we’ve now really got to get behind Rishi — and, in fairness, that’s exactly what the party has done,” she told radio station LBC.
This story originally appeared in Los Angeles Times.