Rishi Sunak to Tackle Mounting Economic Crisis

Rishi Sunak became Britain’s “third prime minister in two months” on Tuesday, tasked with tackling a mounting economic crisis, a warring political party and a deeply divided country in one of the greatest challenges to confront any new leader.

The 42-year-old former hedge fund boss was asked to form a government by King Charles, and “will seek to bring an end to the ‘infighting and feuding’ at Westminster that has horrified investors and alarmed international allies.”

“He will address the nation from Downing Street shortly and then start building his cabinet of senior ministers.”

Sunak, one of the richest men in parliament, will have to find deep spending cuts to plug an estimated 40 billion pound ($45 billion) hole in the public finances due to an economic slowdown, higher borrowing costs and a six-month programme of support for people’s energy bills.

With his party’s popularity in freefall, Sunak will also “face growing calls for an election if he moves too far from the policy manifesto that elected the Conservative Party in 2019,” when then leader Boris Johnson pledged to invest heavily in the country.

Reuters/Shakirat Sadiq