Rishi Sunak will become Britain’s prime minister on Monday after other candidates dropped out of the race to lead the Conservative Party, leaving him to lead a deeply divided country amid an economic downturn that will leave millions of people poorer.
Sunak, one of the richest politicians in Westminster, will be in charge of forming a government for King Charles, replacing Liz Truss, the outgoing leader who only lasted 44 days in office.
She defeated centrist politician Penny Mordaunt, who failed to win enough support from lawmakers to enter the vote, while her rival, former Prime Minister Boris Johnson, dropped out of the race saying he could no longer unite the party.
“This decision is historic and demonstrates, once again, the diversity and talent of our party. Rishi has my full support,” Mordaunt said in a statement as he pulled out of the race minutes before the winner was announced.
Sterling and UK government bond prices spiked briefly on news of Mordaunt’s withdrawal, but soon returned to previous levels.
Who is Rishi Sunak?
Sunak, a 42-year-old former finance minister, becomes Britain’s third prime minister in less than two months, tasked with bringing stability back to a country reeling from years of political and economic turmoil.
The billionaire former hedge fund chief is expected to launch deep spending cuts to try to rebuild Britain’s fiscal reputation, just as the country slides into recession, dragged down by rising energy costs and foods.
Britain has been in a state of perma-crisis since it voted in 2016 to leave the European Union, sparking a battle in Westminster over the country’s future that remains unresolved to this day. The latest outbreak of drama has caused consternation in foreign capitals and ridicule in the world press.
Sunak came to the fore nationally when, aged 39, he became Chancellor of the Exchequer under Johnson just as the COVID-19 pandemic swept through Britain, developing the successful furlough scheme.
The former Goldman Sachs analyst will be the first UK prime minister of Indian origin.
His family emigrated to Britain in the 1960s, a period when many people from former British colonies moved to the country to help rebuild after World War II.
After graduating from Oxford University, he went to Stanford, where he met his wife Akshata Murthy, whose father is Indian billionaire NR Narayana Murthy, founder of outsourcing giant Infosys Ltd.
Information of: israelnews.com
Photo credits: Reuters
