New PM Rishi Sunak pledges to lead Britain out of economic crisis

Several ministers sacked, Hunt to stay FM

Rishi Sunak said on Tuesday he was not daunted by the scale of the challenge as he became Britain’s third prime minister in two months, pledging to lead the country through an economic crisis and rebuild trust in politics.

The 42-year-old former hedge fund boss, who has only been in elected politics for seven years, has been tasked with bringing an end to the political infighting and radical changes in policy that have horrified investors and alarmed international allies.

He warned that difficult decisions lay ahead as he looks to cut public spending and fix the “mistakes” that were made by Liz Truss during her short and chaotic tenure in Downing Street, just as the country slides into a recession.

“I fully appreciate how hard things are,” he said outside the prime minister’s residence at Downing Street where he shunned the normal tradition of standing beside his family and cheering political supporters.

“I understand too that I have work to do to restore trust, after all that has happened. All I can say is that I am not daunted. I know the high office I have accepted and I hope to live up to its demands.”

Sunak is expected to slash spending to plug an estimated 40 billion pound ($45 billion) hole in the public finances created by an economic slowdown, higher borrowing costs and an energy support scheme.

Sunak said he would try to fix the mess left by his predecessor, restore faith in politics and tackle a “profound economic crisis” but warned the country there would be difficult decisions. “This will mean difficult decisions to come,” he said, shortly after he accepted King Charles’s request to form a government.

Sunak also vowed to put the public's need above politics, “I will bring the same compassion to the challenges we face today,” he said, adding that he will not leave the next generation with a “debt to settle that we were too weak to pay ourselves”.

“I will unite our country not with words but with action,” Sunak said. “I will work day in and day out to deliver for you.” “Together we can achieve incredible things,” he said.

He has appointed British lawmaker Dominic Raab as deputy prime minister and justice secretary.

As Truss left office she struck a defiant tone and failed to apologise for the market turmoil, when the pound collapsed and borrowing rates jumped.

According to NDTV, he has asked for the resignation of several members of Liz Truss’s team of ministers as a precursor to the announcement of his new cabinet. So far three ministers have been asked to step down. Among them are Business Secretary Jacob Rees-Mogg, Justice Secretary Brandon Lewis and Development minister Vicky Ford, sources said. Reports indicate that Jeremy Hunt will stay on as the finance minister.

Several world leaders, including US President Joe Biden and Ukraine’s President Volodymyr Zelenskyy, have lauded Rishi Sunak becoming the UK's new Prime Minister. “We've got the news that Rishi Sunak is now the prime minister,” Biden said in remarks made during a Diwali celebration at the White House on Monday. “It's pretty astounding, a groundbreaking milestone and it matters,” the US President said.

The Kremlin on Tuesday said that Russia sees no reason to expect relations with the UK to improve under Sunak.