After returning to office Sunak made a speech aimed at alleviating some of the concerns of the public and laying out aspects of what his premiership will look like
The newly appointed Prime Minister of the United Kingdom (U.K.) – Rishi Sunak has said that his priority is to bring stability in the country after months of political turmoil, amidst ongoing economic crisis.
He was appointed as the new Prime Minister of the U.K. by King Charles III at Buckingham Palace in London on Tuesday, i.e., October 25, 2022. He is the first Prime Minister of the U.K. of Indian origin.
Immediately after resuming office, Sunak returned to Downing Street where he made a speech aimed at alleviating some of the concerns of the public and laying out aspects of what his premiership will look like. In his first speech as the Prime Minister, Sunak said the nation is in “profound economic crisis” before paying tribute to Truss.
Speaking on the occasion, he said, “I admired her restlessness to create change. But some mistakes were made. Not borne of ill will or bad intentions. Quite the opposite in fact, but mistakes nonetheless.”
He further said, “And I have been elected as leader of my party, and your prime minister in part, to fix them. And that work begins immediately.”
Sharing his experience as the Chancellor to the Exchequer in Boris Johnson’s Government, Sunak said, “You saw me during Covid doing everything I could to protect people and businesses, with schemes like furlough. There are always limits, more so now than ever. But I promise you this: I will bring that same compassion to the challenges we face today.”
Taking it to twitter, he tweeted,
This morning I set out to Cabinet the enormous task we face, and why I am confident that this government can rise to the challenge and deliver for the whole United Kingdom.
— Rishi Sunak (@RishiSunak) October 26, 2022
Now is the time to get to work and earn the trust of the British people. pic.twitter.com/uncUjSCfsL
Sunak also started allotting portfolios by appointing Dominic Raab as the Deputy Prime Minister, Jeremy Hunt as the Chancellor to the Exchequer and Suella Braverman as Home Secretary. James Cleverly and Ben Wallace will remain in their roles of Foreign Secretary and Defence Secretary, respectively.
Meanwhile, Jeremy Hunt has postponed the much-anticipated plan on the U.K.’s tax and spending by more than 2 weeks. He said this would make the plan based on the most accurate economic forecasts.
He has already scrapped his predecessor’s plans for huge tax cuts. This had sparked market turmoil due to fears over how they would be paid for. The move settled investors and lessened the urgency for a new economic plan. The calmer market conditions mean the government will not have to pay as much interest on money it borrows.
The economic plan will now be “upgraded” to a full autumn statement, suggesting wider tax decisions will be announced. It will be accompanied by a report from the Office for Budget Responsibility (OBR) which gives independent forecasts on what the impact the plans are likely to have on growth and spending.
