This event will commemorate a mark in history
On Monday, October 24, 2022, Rishi Sunak’s rise in the ranks of becoming Britain’s next Prime Minister reached its tipping point, with the former Chancellor achieving victory in the leadership election, soon to be announced as Britain’s new PM.
Firstly, Boris Johnson announced his removal from a possible second PM reign, leaving just Mr Sunak and Penny Mordaunt in the race.
But just two minutes before the 2 pm deadline on October 24, Ms Mordaunt also announced that she had dropped out, resulting in Rishi Sunak’s victory.
The former Chancellor of the Exchequer, whose Indian mother and father were immigrants to Britain in 1960, lost the previous Conservative leadership election in September 2022 to Liz Truss.
After Ms Truss’ leadership reign ended after just 44 days, Mr Sunak is now set to be Britain’s first Prime Minister from an Indian background, winning the contest on Diwali.
He will officially be appointed as PM following correspondence with King Charles III.
The question now begins – what can the world expect from Rishi Sunak as Britain’s new PM?
This event will commemorate a mark in history as the first Prime Minister of colour.
Further to this, Mr Sunak’s campaign in British politics only began a mere seven years ago in the 2015 General Election.
This result saw Rishi Sunak replace William Hague for the Richmond (York) seat.
The father of two first received his role in ministerial government in 2019. This followed his appointment as Chancellor of the Exchequer a year later.
Mr Sunak’s political career is not the only significant thing about his position in UK politics.
He has spoken about the value of his Indian identity to his career. Speaking to the BBC, Mr Sunak affirmed:
“I’m a first-generation immigrant.
“My parents emigrated here, so you’ve got this generation of people who are born here, their parents were not born here, and they’ve come to this country to make a life.”
Mr Sunak originates from Indian, immigrant parents who travelled to Britain in 1960.
Settling in Southampton, his father was a family GP, while his mother worked as a local pharmacist.
The leader of the Conservatives is no stranger to wealth, as Mr Sunak’s parents raised an impressive £42,000 for their son to attend The University of Oxford, as part of the prestigious Winchester College.
Mr Sunak studied PPE (Politics, Philosophy and Economics) before moving on to further education in America.
It was there that Mr Sunak met Indian-born Akshata Murty, the daughter of Infosys billionaire NR Narayana Murthy.
The pair met during further studies at Stanford University, California.
They married in 2009 and have two daughters. They reside in their impressive Georgian Manor, on the outskirts of North Yorkshire.
Akshata Murty is the heiress of her father’s technology empire, in addition to being a shareholder in other businesses including various restaurants in India, IMM and others.
Prior to winning the Richmond seat in 2015, Mr Sunak worked as part of the London Hedge Fund, preceding the introduction of his own firm Theleme Partners in 2010.
Sunak’s Rise to the Top
Rishi Sunak’s rise in British politics has taken a surprising order.
He served as a local minister to Theresa May’s government.
His position was elevated, becoming the Chief Secretary to the Treasury for Boris Johnson’s 2019 government.
The Covid-19 pandemic somewhat granted quick momentum to Rishi Sunak’s public image towards the British public.
The overseeing of the financial campaign during the pandemic has been described as the largest public spending precedent.
This included the furlough scheme which helped prevent millions from losing their jobs, with Mr Sunak overseeing the government’s financial response to the pandemic crisis.
Masterminding the popular ‘Eat Out to Help Out’ scheme Mr Sunak thrust himself into the public eye, all this came after five years of entering political office.
How will Rishi Sunak respond to the current crisis in Britain?
With Rishi Sunak securing 10 Downing Street, it will be full-steam ahead to organise order and stability in response to the tumultuous financial crisis.
Sunak could have been declared Britain’s first PM during the summer leadership election of 2022.
But it was apparent that Conservative Party members favoured a Truss-led government.
Sunak’s economic policy stated that Britain’s inflation should be the first thing tackled before tax cuts.
He countered Truss in a televised debate:
“I don’t think the responsible thing to do right now is launch into some unfunded spree of borrowing and more debt, that will just make inflation worse, it will make the problem longer.”
Mr Sunak also called her plan a “fairytale”. He was criticised at the time but was eventually proven right.
Ms Truss’ plan resulted in the pound plummeting to an all-time low.
Earlier in 2022, Mr Sunak told the BBC:
“Of course to delivering tax cuts, but this would be performed in a measured way.
“I will get taxes down in this parliament, but I’m going to do so responsibly because I don’t cut taxes to win elections, I win elections to cut taxes.”
Sunak outlined his ambitions for Britain’s markets, which will require the recovery of the pound.
In a landmark speech in February 2022, Mr Sunak outlined:
“The most powerful case for the dynamic market economy is that it brings economic freedom and prosperity.
“And the best expression of that freedom is for all of us to be able to make decisions about how to save, invest or use the money we earn.”
From Rishi Sunak’s aims and concerns as PM, he will be responsible for stabilising Britain’s financial crisis, to provide security and stability to households, whilst maintaining Conservatism in British politics.
As he prepares to officially be appointed, will Rishi Sunak be a successful Prime Minister or not?