It is worth noting that Rishi Sunak has risen to the top of British politics.
Just seven weeks ago, he lost the Conservative leadership election to Liz Truss. Today, he’s just an audience member with Charles III off Downing Street after winning a leadership contest that hastily ousted him from the remnants of her brief premiership.
The man who served as Boris Johnson’s finance minister for two-and-a-half years before resigning to bring down Johnson’s government faces the unenviable task of reclaiming a nation in turmoil after Truss’ disastrous tenure.
He will do so by implementing an economic plan he outlined during a failed bid for leadership earlier this year. Snak criticized Truss’ plan to finance daily spending through tax cuts and borrowing, saying it would cause economic chaos.
He was proven right when the Truss administration implemented her plan on a “mini-budget.” That sent the pound down to its lowest level in decades, crashing bond prices, soaring borrowing costs and pushing pension funds to the brink of bankruptcy.
As Sunak also predicted, rising interest rates boosted mortgage repayments, prompting lenders to rush their products off the market and crushing the hopes of many future homeowners almost overnight.
Britain’s international reputation had already taken a hit before Truss took office. The never-ending scandals that ultimately ousted Johnson, added to his repeated threats to break international law over the Brexit deal he personally agreed with the European Union, forced world leaders to oppose Britain. I didn’t do it favorably.
Sunak’s arrival can be directly attributed to the turmoil of the past few months. He is widely praised and seen as a safe hand for helping businesses and citizens with massive government spending programs that handled the economy and saved many lives during the Covid-19 pandemic. . His current job is clear. Bringing calmness.
Unfortunately for Sunak, he inherited a party that has spent the past few years tearing apart a chunk of himself. The Conservative Party in 2022 has been defined by factionalism and divided loyalties, making it unruly for both Johnson and Truss.
