November 29, 2022

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Great Britain: New Prime Minister Rishi Sunak

Rishi Sunak is officially the new Prime Minister of Great Britainafter Penny Mordaunt withdrew from the Conservative Party leadership race and backed Sunak.

In his brief and closed speech to Tory MPs, Sunak urged the Conservative Party to unite for the time ahead. Sunak neither spoke to reporters as he entered the hall nor as he was leaving.

There was loud cheers and banging on tables from Conservative MPs in the room as Sir Graham Brady announced that they had received only one nomination for the new party leader. So he announced that Rishi Sunak is the next leader of the party and said he will address the Conservative Party MPs soon.

The Chairman of the 1922 Committee of the Conservative Party made these statements

BREAKING: Sir Graham Brady announces that Rishi Sunak will become leader of the Conservative Party

The new government’s main priority is expected to be economic stability and then fulfilling the commitments the Conservative Party made ahead of the 2019 elections, Rishi Sunak told the Conservative caucus, according to MP Iain Duncan Smith. Sunak also promised to represent “all wings” of the party in his government, according to the Sun newspaper. As he said, he will focus “on politics and not on personalities,” stressing that the party has one chance to achieve its goals. At the same time, he called for unity and ruled out the possibility of calling for parliamentary elections.

Outgoing Prime Minister Liz Truss congratulated Mr Sunak on his election as Conservative Party leader and expressed her “full support” for him in a tweet on Twitter.

What do you expect from now on:

  1. Liz Truss will abdicate before King Charles
  2. King will summon Sunak to form a new government
  3. The king returns to London
  4. Sunak will be the first prime minister to be sworn in by King Charles.
  5. His mother, Queen Elizabeth, was sworn in before 15 prime ministers

He will succeed former Treasury Secretary Liz Truss at No. 10 Downing Street and is expected to restore order to a country that has been in political turmoil for the past few years due to his predecessor’s choices.

King Charles III returns to London

Meanwhile, King Charles is expected to return to London today from Sandringham and is likely to be at Buckingham Palace this afternoon, the Guardian wrote, citing ITV journalist Chris Ship.

He adds that the new king’s return to Buckingham Palace means he can still accept Liz Truss’ resignation today and direct Rishi Sunak to form a government. At the same time, he became the youngest and first non-white tenant of Downing Street.

Watch the live broadcast from Sky News:

Mordant’s departure

In a dramatic turn of events, Benny Mordaunt backed down at the last minute – paving the way for Rishi Sunak to become the next prime minister. What does she say in her letter:

Whether we are elected representatives, activists or supporters. We all have a stake in who our leader is. These are unprecedented times. Despite the compressed leadership race schedule, colleagues clearly feel we need certainty today. I have taken this The decision is made in good faith for the good of the country.

Members should know that this proposal has been fairly and thoroughly tested by the agreed process of 1922. As a result, we have now chosen our next Prime Minister. This decision is historic and shows once again the diversity and talent of our party. Rishi has my full support. I am proud of the campaign we ran and am grateful to all those who supported me from all sides of our party. We all owe it to the country, to each other and to Rishi to unite and work together for the good of the nation. There is a lot of work to be done.”

Markets ‘vote’ Sunac – a significant drop in borrowing costs in Britain

Meanwhile, UK government bond yields rose amid stormy political developments following the resignation of Liz Truss as Prime Minister. Markets have even responded positively to the possibility of Rishi Sunak becoming prime minister with government bond yields, as reported by, being on a downward trajectory, significantly reducing borrowing costs for the British state.

Evidence is that just hours before Sunack’s Conservative leadership announcement, the yield on the 10-year bond has fallen by 9 basis points and “falls” below the psychological limit of 4% (standing at 3.958%), while the yield on the 10-year bond is falling The two-year bond increased by 17 basis points and fell to 3.5%. “Markets have confidence in Sunak’s financial strategies,” said Pooja Kumra, an analyst at Toronto Dominion Bank. “With a fiscally conservative prime minister, the amount of tightening required by the central bank is also reduced,” he adds, referring to the Bank of England’s next steps.

It should be noted that as long as fiscal policy remains tight, it becomes easier to deal with high inflation (10.1% in September), which allows the central bank not to proceed with successive and large increases in interest rates (it is already at 2.25%) which has a negative impact on the economy. Economy.

Background of Boris Johnson’s resignation

According to the British newspaper “Daily Mail”, Boris Johnson made the big decision not to run again for the Conservative presidency when he realized that he did not guarantee the unity of the party. However, new information emerges that Pogo backed down after Penny Mordaunt, Britain’s first female defense minister and long-time favorite’s only contender for the country’s leadership, Rishi Sunak, rejected his proposal.

The former Downing Street tenant, as reported by the Daily Mail, offered Benny Mordaunt a nerve-wracking ministry in his government and politely rejected him. That was the icing on the cake with Johnson making the big decision to quit the Conservative leadership race.

Problems he has to face

Now Sunak will fall to the deep end, without any slack. He announces his readiness for the test. However, he has been a deputy for only seven years and a minister for only two years, and even his colleagues who support him for the post of prime minister admit that he lacks extensive experience in all areas, making it difficult to deal with the multiple crises accumulating in all areas. . forehead;

Among the problems facing the National Health System in Britain with the Corona virus, the state of the economy, the possibility black out In the energy sector and a winter full of strikes, it seems to be a very difficult half year, that is, for Great Britain.

advertisement officially nominatedSunday , sonak He said “fixing the economy” was his number one priority, though he has not provided any further details in an interview since then.

teammates in conservatives Treated as “the Messiah” as British media pointed out, he is the one who implemented the lockdown regime during the Corona virus period and predicted the catastrophic reaction of the markets. In the tax cuts announced by Tras.

As noted before guardian Many dilemmas encountered Les Truss It remains: Will it stick to growth while supporting immigration, or renege on promises of tougher post-Brexit measures? Can he deliver on Johnson’s pledge in 2019 that Britain will not return to austerity, or will he say that given the state of markets, cuts are necessary? Will you call on citizens to reduce energy consumption to avoid power outages before winter? Will he be conciliatory to the demands of the employees or will he turn this issue into a war with the Labor Party?

Watch the video: Rishi Sunak: Who is the first Indian Prime Minister to Britain

Rishi Sunak: Who is the first Indian Prime Minister to Britain?

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