BREAKING: Rishi Sunak will be named the U.K.'s new prime minister, following a fast-tracked Conservative Party leadership race initiated to fill the void left by Liz Truss' resignation. [Photo: Getty Images]
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.
Sunak, who is credited with steering the U.K. economy through the height of the Covid-19 pandemic, is broadly seen as a safe pair of fiscal hands. Indeed, after being berated by Truss during the race as a voice ofSterling dropped to $1.1284 against the dollar shortly after the announcement of Sunak's win.As prime minister, Sunak is expected to keep in place the U.K.'s newly-installed Finance Minister Jeremy Hunt, signaling some continuity following a turbulent few months for the U.K.
However, some have questioned his ability to reunite the splintered Conservative Party, with many MPs considering him culpable for the downfall of Boris Johnson, who was ousted from office in scandal three months ago., said in a statement that he had attempted to form a unity ticket with both Sunak and Mordaunt for the sake of the"national interest," but both had resisted his offer.
Meantime, Sunak — an Oxford educated former investment banker — has been criticized as unrelatable, particularly followingAlso on CNBC
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