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Former finance minister Rishi Sunak makes second bid to become UK PM

Editorial Board by Editorial Board
October 23, 2022
in Finance News
Reading Time: 2 mins read
0


LONDON – Former British Chancellor of the Exchequer Rishi Sunak confirmed on Sunday that he will replace Ms Liz Truss as Prime Minister, after winning the support of more than 100 Tory MPs.

“The UK is a great country but we are facing a deep economic crisis,” he said on Twitter.

“That’s why I’m running as leader of the Conservative Party and your next Prime Minister.”

Sunak was defeated by Mrs Truss in the race to replace Boris Johnson in September after losing an election held by Conservative party members across the country. Sunak left Johnson’s government in July, helping to spark a rebellion that ousted him.

Even before testifying on Sunday, Sunak had received more support from Tory lawmakers than his rivals: former defense secretary Penny Mordaunt and Mr Johnson, who is attempting a comeback.

“There will be integrity, professionalism and accountability at all levels of government that I lead and I will work day in and day out to get the job done,” he said in a statement.

“I am asking you for an opportunity to help solve our problems.”

Sunak failed in the summer leadership contest to convince the grassroots that he was a better choice than Ms Truss. But having correctly predicted his economic agenda would cause economic turmoil, he can expect more success the second time around.

However, Mr Johnson remains a firm favorite with the party faithful and some members see his former finance minister as a backstabber, making any such vote highly fraught for Mr Sunak .

Fabulously rich from his pre-political career in finance, he has been mocked for being out of touch with Britons struggling with decades of high inflation.

During the summer campaign, he wore expensive Prada loafers on a site visit and faced accusations of “homesplaining” to Ms Truss.

Video footage also emerged of a 21-year-old Sunak describing his mix of friends after his studies at Winchester College, one of Britain’s most exclusive private schools, and Oxford University.

“I have friends who are aristocrats, I have friends who are upper class, I have friends who are, you know, working class,” she said, before adding: “Well, not working class.”

Dishy Rishi

Mr. Sunak, 42, is ready to present himself as a stable option in a time of crisis.

An early proponent of Brexit, he took over as Chancellor of the Exchequer in February 2020, a baptism of fire for the rising Tory star as the Covid pandemic hit.

He was forced to whip up a huge economic support package at breakneck speed, which he now insists must be paid for with sound fiscal plans.

In India, Sunak has been better known through his wife, Akshata Murty. She is the daughter of Indian tycoon Narayana Murthy, the billionaire co-founder of information technology group Infosys.



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