Newsman: Rishi Sunak has become the United Kingdom’s third prime minister this year and the first non-white person to hold the job.
After taking over the office on Tuesday,Britain’s new prime minister, Rishi Sunak, warned Tuesday of “difficult decisions” to come as the country faces a “profound economic crisis.”
Sunak was speaking to the media outside his office and residence at No. 10 Downing St. shortly after officially taking over from Liz Truss.
Financial markets responded positively to Sunak’s first full day in office. The pound currency, in free fall for weeks, added value against the dollar. The cost of buying British government bonds, known as “gilts,” also dropped.
In his address, Sunak vowed to “fix” errors he said were made by Truss, who shocked financial markets by attempting to stimulate Britain’s anemic economic growth rate by rolling out hyper-aggressive tax cuts at a time of spiraling inflation. Truss resigned 45 days into office, making her tenure the shortest in British history.
“Some mistakes were made,” Sunak said. “Not born of ill will or bad intentions. Quite the opposite, in fact, but mistakes nonetheless. And I have been elected as leader of my party and your prime minister, in part to fix them.”
Earlier in the day, he met with King Charles III at Buckingham Palace, where he received symbolic permission to take up the role during ceremony known as the “kissing of the hands.”
Sunak’s speech lasted just under six minutes. He stressed he would bring a different approach to government than his predecessors Truss and Boris Johnson, who resigned in July with allegations of misbehavior hanging over his head. Sunak said he would foster an environment that valued “integrity, professionalism and accountability.”
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