As Britain’s next prime minister, Rishi Sunak faces a difficult task. King Charles has accepted Liz Truss’s resignation at Buckingham Palace and asked Sunak to form a government. Having been appointed leader of the governing Conservative Party, Sunak has a reputation for taking the country’s economy seriously. He has promised to tackle Britain’s ‘found economic crisis’.
Sunak’s appointment has caused market jitters. The British pound has not received a big boost from his nomination, but it has bounced back from the lows of earlier this month. As a result, short and long-term U.K. sovereign bond yields fell significantly. As a result, the government will be more dependent on investors to raise money and keep the country’s economy strong.
Rishi Sunak will be Britain’s youngest prime minister since 1812. The two previous prime ministers were also 43 years old. Sunak is seen as a safe pair of hands but also faced controversy in his campaign. He was criticized for backing Brexit, but his family’s wealth was a point of contention and he faced criticism over his wife’s non-domiciled tax status. The election is expected to take place in two years, but the opposition wants an early election.
Although many hailed Sunak’s win as a victory, some questioned his qualifications and stated that a general election is inevitable. Although he has not yet given a speech on how he would run the country, many critics see him as a pro-businessman who has no interest in working class issues.
Regardless of his qualifications, Sunak has already triggered criticism from Johnson supporters. His resignation in July helped Johnson to topple Johnson, but his background in finance and the corporate world makes him appear out of touch with the everyday people. He has a net worth of over $825 million, making him one of the richest people in the United Kingdom.
Before he took the oath of office at the British parliament, Sunak had already embraced the culture of his native India. The Indian press and newspapers covered Sunak’s swearing-in ceremony in British parliament and his oath of allegiance based on the Hindu holy book, the Bhagavad Gita.
Rishi Sunak, the next prime minister of Britain, is a Hindu with Indian roots. He will be the first non-white to lead Britain. His appointment is being celebrated in India as Diwali, a festival of light and prosperity.
Rishi Sunak is a former investment banker and will be the youngest prime minister in over two centuries. He is married to the daughter of an Indian technology billionaire. His wealth, however, has a few risks. Although Sunak’s wealth is enormous, it might be vulnerable to fluctuations in oil and gas prices.