The position of UK Prime Minister will be filled by Rishi Sunak in the days following his predecessor Liz Truss’ resignation as a result of her defeat. He holds the position for the first time as a person of colour and at the youngest age of 42.
After winning the battle to lead the Conservative Party, Rishi Sunak will take over as Britain’s next prime minister. He will be tasked with leading a highly divided nation through an economic crisis that will make millions of people poorer.
King Charles will invite Sunak, one of the wealthiest MPs in Westminster who is expected to become the nation’s first leader of colour, to form a government in place of the departing Liz Truss, who held the position for just 44 days before resigning.
While his challenger, the former prime minister Boris Johnson, withdrew from the race claiming he could no longer unify the party, he overcame centrist politician Penny Mordaunt, who was unable to secure enough support from parliamentarians to be included on the vote.
“This decision is an historic one and shows, once again, the diversity and talent of our party,” Mordaunt said in a statement as she withdrew from the race just minutes before the winner was due to be announced. “Rishi has my full support.”
Following the announcement of Mordaunt’s departure, the value of the pound and British government bonds momentarily increased, but then fell back to their former levels. The king may accept Truss’ resignation later on Monday or on Tuesday because he was leaving for London.
Former finance minister Sunak, 42, takes office as Britain’s third prime minister in less than two months. He is tasked with bringing peace to a nation that has been in instability for years due to political and economic unrest.
The wealthy former hedge fund manager is anticipated to implement significant spending cuts in an effort to restore Britain’s fiscal credibility as the nation is being pulled into a recession by the rising cost of food and energy.
Additionally, he will take over an ideologically divided political party, a problem that has hurt the careers of several prior Conservative leaders.
When Sunak, then 39, took over as Johnson’s finance minister during the COVID-19 pandemic and created the effective furlough programme, he gained widespread notice.
His wife Akshata Murthy, whose father is Indian billionaire N. R. Narayana Murthy, the creator of outsourcing juggernaut Infosys Ltd., and he met at Stanford University after he graduated from Oxford University.
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