Rishi Sunak becomes PM of Uk: Recession and rising interest rates are posing an economic threat to the UK. Critics point the finger at the Conservative Party and their “series of miscalculations” for the current economic crisis.
The position of UK Prime Minister will be filled by Rishi Sunak in the days following his predecessor Liz Truss’ resignation as a result of her defeat. He holds the position for the first time as a person of color and at the youngest age of 42.
After being appointed prime minister, Rishi Sunak remarked in his first speech to the public that it was the “The greatest honor of my life…
will put up constant effort to produce “.
Prime Minister Narendra Modi tweeted his congratulations to Rishi Sunak “I’m looking forward to our close collaboration on international challenges and the implementation of Roadmap 2030. Happy Diwali to the “living bridge” of Indians in the UK as we transform our longstanding links into a contemporary collaboration “.
In the past seven months, the United Kingdom has had three prime ministers. After barely 45 days in power, Liz Truss, who had defeated him in the party’s internal election and succeeded Boris Johnson, resigned on October 20.
Last week, Mr. Johnson reentered the contest, interrupting a Caribbean vacation. Yesterday, he unexpectedly decided to withdraw from consideration for the position. He claimed that he would be unable to “lead a united party in parliament.”
The other competitor, Penny Mordaunt, withdrew from the contest after failing to obtain the required amount of votes. Over 180 members of the parliament have endorsed Mr. Sunak, far more than the necessary 100 to win the top job.
After her mini-budget plan, which included large unfunded tax cuts, alarmed the markets, Liz Truss resigned from the top position. She had previously told the media that she “cannot carry out the mandate for which I was elected” given the circumstances.
Recession and rising interest rates present a dangerous economic combination for the UK. The Conservative Party is accused by detractors of making a “series of miscalculations” that are to blame for the current economic crisis.
As it became apparent that Mr. Sunak will be the next prime minister, the pound momentarily increased today. The former chancellor, who is of Indian descent, had earlier stated, “I want to heal our economy, unite our party, and deliver for our country.”
Earlier this year, when Liz Truss was running for office, Rishi Sunak criticized her plan to slash taxes. He declared that he would only lower taxes after the inflation rate was under control. In addition, he had laid out a strategy to lower income taxes from 20% to 16% by 2029.
Many in India, where he is better known through his wife. Also were thrill when Mr. Sunak was name to the top position in the UK on Diwali. Narayana Murthy, a co-founder of Infosys, is the father of Akshata Murty.