Rishi Sunak is set to become Britain’s new prime minister, following a fast-tracked Conservative Party leadership race initiated to fill the void left by Liz Truss’ resignation.
The 42-year-old takes over as leader of the Conservative Party just seven weeks after placing second to Truss in this summer’s leadership race.
Sunak does not automatically become prime minister on Monday, as ritual dictates that the outgoing prime minister, in this case Liz Truss, first has to tender their resignation to King Charles.
“I am humbled and honored to have the support of my parliamentary colleagues and to be elected as leader of the Conservative and Unionist Party,” Sunak said Monday in his first public comments since becoming the prime minister-elect.
The former finance minister steps into the role as the country grapples with a worsening economic picture following the chaotic fallout from Truss’ September mini-budget.
Stock markets were roiled, sterling plunged and the Bank of England was forced to intervene with an emergency bond-buying operation after Truss and then-Finance Minister Kwasi Kwarteng announced a raft of unfunded tax cuts seen to disproportionately benefit the wealthy, even as the country faces a worsening cost-of-living crisis.
Sterling rose to $1.1326 against the dollar shortly after the announcement of Sunak’s win!
If your actions create a legacy that inspires others to dream more, learn more, do more and become more, then, you are an excellent leader.
Let us see, how this young leader infuses strength and confidence in to the wrecked economy of a country.
However, will it solve England's predicament or will it make matters more challenging for the nation?
I am just inquisitive to know the reactions from our members on this news. 😊
Rishi Sunak's rise to power has attracted attention in India - and not just because he is the first British Asian prime minister.
His wife Akshata Murty is the daughter of Indian billionaire Narayana Murthy, one of the country's best known businessmen who has been dubbed the Bill Gates of India.
An heiress to a fortune worth billions, Ms Murty came under the spotlight when it emerged earlier this year that she held non-domiciled status, meaning she did not have to pay any tax on her earnings from outside the UK. She later agreed to pay UK taxes on her worldwide income.
Despite her family's immense wealth, Ms Murty came from more humble beginnings.
In a letter to his daughter, published in a 2013 compilation, her father recalled how he heard the news of her birth in Hubli in April 1980 from a colleague because the family could not afford a telephone.
"Your mother and I were young then and struggling to find our feet in our careers," he wrote!
Now ---
New UK PM Rishi Sunak and wife Akshata Murty richer than royals!
Not because of riches, but I am impressed with her down to earth attitude and her mother Sudha Murthy's social work.
