By: Michelle Liew
Rishi Sunak is set to become the British prime minister after other candidates quit the race to lead the Conservative Party. The decision leaves Sunak with the task revamping the economic downturn, which is currently in turmoil, leaving millions of people in a worse off financial state. Sunak’s latest rise to premiership provides hope for many for a change.
One of the wealthiest politicians in Westminster, Sunak will be forming a government by King Charles III, as he replaces Liz Truss who only lasted 45 days on the job.
As the first British Asian Prime Minister, Sunak defeated centrist politician Penny Mordaunt in the bid, whereas rival Boris Johnson withdrew his candidacy.
“This decision is an historic one and shows, once again, the diversity and talent of our party. Rishi has my full support,” Mordaunt said in a statement as she withdrew from the race just minutes before the winner was due to be announced.
Upon Mordaunt’s withdrawal, the Sterling Pound and British government bond prices jumped briefly before returning to their previous levels.
42-year-old Sunak is now the third prime minister in less than two months. He will be scrutinised in his ability to restore the country’s stability from the current downturn. Formerly the finance minister, Sunak is likely to launch deep spending cuts to rebuild the country’s fiscal reputation.