Prescient or traitor? Rishi Sunak is the favourite to be next UK PM

LONDON, Oct 20 (Reuters) – For some Tories, Rishi Sunak is the minister who got Britain through the COVID pandemic, for others the traitor who stabbed Boris Johnson or the rival of Liz Truss who foresightedly warned that his tax plans would bring chaos.

Now he must assess whether he can convince Britain’s ruling party that he is the man to save them from chaos.

The former finance minister was a runner-up in the last competition to become British prime minister which ended just six weeks ago, despite being the most popular candidate among Tory lawmakers in parliament.

But he was beaten by Liz Truss in the deciding vote by rank-and-file party members, with many blaming him for the downfall of their hero Boris Johnson.

It was Sunak’s dramatic decision to step down in July that sparked a wave of cabinet resignations, eventually forcing Johnson to reluctantly give up the top job in Downing Street.

During the summer leadership race, Sunak warned that Truss’ tax cuts would lead to higher borrowing costs, a message that proved correct as his economic program sparked a rout of the bond market which led to its demise.

With the Tories in turmoil, several members of his party believe he is the only one who can solve the party’s problems.

‘He has the plan and the credibility to restore financial stability, help bring inflation down and deliver lasting tax cuts over time; and unite Tories by bringing the best talent into government to serve the British people’ said former Deputy Prime Minister Dominic Raab. on Twitter.

For his supporters within the party, the message of Sunak’s previous leadership campaign on the need for economic prudence to tackle Britain’s runaway inflation and criticism of the “fairy tale” plans of Truss showed he was the right man for the job.

But he will have to assess whether he can overcome the hostility of party members who remain aggrieved by his perceived betrayal of Johnson and for raising Britain’s tax burden to its highest level in decades, as the country was headed for a severe cost. -to live hurry.

OUT OF REACH?

Accusations that he was an out-of-the-box former hedge fund boss were bolstered in April when his wife – the daughter of an Indian billionaire – confirmed reports that she had non-Britain domiciled tax status, which she agreed to end.

The betting companies again made Sunak the favorite to win the new contest, although he was also the favorite in the race which Truss eventually won.

Sunak’s troubles in the leadership race contrasted with his rapid rise in the Conservative Party, which began in 2015 when he was elected to parliament after working for Goldman Sachs and hedge fund TCI.

In 2020, aged 39, Sunak was appointed finance minister just before the coronavirus pandemic hit Britain. He ditched the small-state instincts of conservatives to borrow heavily and stave off the risk of an economic depression.

This made him one of the most popular politicians in the country, as he was praised for helping businesses and workers.

In a photo that captured the sense of unity behind his bailout plans, Sunak posed outside his Downing Street office, flanked by the leaders of Britain’s biggest trade union group and a leading employers’ group.

But that consensus disappeared when Britain emerged from the crisis with an additional £400 billion in debt, then fell into a cost-of-living crisis that put even more pressure on the public purse.

Polls earlier this year showed his stock had fallen with the public, who worried about the cost of living crisis and were angry he had hiked payroll taxes while his wife avoided UK levies .

Editing by William Maclean

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