After yet another contender withdrew from the campaign, Rishi Sunak was declared the victor to become the new leader of the Conservative Party. In light of the current severe economic turmoil, he will become Britain’s next prime minister.
Rishi Sunak, a well-liked former chancellor of the exchequer during Boris Johnson’s premiership, came in second place to Liz Truss in the competition to succeed him earlier this summer.
Liz Truss’ policy suggestions surrounding tax cuts and expenditure damaged the government’s credibility and alarmed markets, thus he emerged in the most recent leadership contest as a safe set of hands to lead the U.K. He is regarded as a centrist and pragmatic politician.
After a career in banking and hedge funds and only being elected as a member of Parliament in 2015, Sunak’s political ascension to become finance minister by 2020 was rapid. During the pandemic, he supported Britain’s economy in that capacity by implementing months-long initiatives to replace worker pay and encourage consumer spending.
Sunak will be both the first non-white and British Asian to hold the position of prime minister. He will serve as the youngest prime minister in more than 200 years at the age of 42.