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LONDON — Rishi Sunak has promised to fix the economic mess wrought by his predecessor Liz Truss after being appointed the new U.K. prime minister.
In a sombre speech on the steps of No. 10 Downing Street Tuesday, Sunak admitted “mistakes were made” by his predecessor over recent weeks and said he had been appointed “in part, to fix them.”
Truss only took office as U.K. PM last month but was swiftly forced to resign after her radical economic plan spooked the markets, sent Sterling plunging and U.K. borrowing costs through the roof.
Sunak had predicted precisely these consequences during a summer-long Tory leadership contest — in which he finished in a distant second place — and is now reaping the political reward.
“Our country is facing a profound economic crisis,” Sunak said in his speech. “I will place economic stability and confidence at the heart of this government’s agenda. This will mean difficult decisions to come.”
Sunak insisted he was “not daunted” by the enormous challenges facing Britain, adding: “I know the high office I have accepted, and I hope to live up to its demands.”
After winning the second Conservative leadership contest of the year on Monday, the 42-year-old was on Tuesday formally invited to form a government by new British monarch King Charles III.
But he takes over at an intensely difficult time for Britain, with surging energy costs, mortgage rates and inflation rates triggering a cost of living crisis for millions of households and businesses.
In his speech, Sunak also took a veiled swipe at his former boss Boris Johnson, who was also forced from office earlier this year over a string of personal scandals.
“This government will have integrity, professionalism and accountability at every level,” Sunak said.
Johnson tweeted his congratulations after Sunak took office, insisting it was “the moment for every Conservative to give our new PM their full and wholehearted support.”
The new PM is expected to spend Tuesday afternoon forming his new Cabinet and appointing key staff to No. 10 roles. He is the youngest British prime minister in modern history, and the first British-Asian to lead the country.
Truss, who beat Sunak in the summer-long leadership contest, said in her farewell speech on Tuesday that it had been “a huge honor” to lead the nation and showed few signs of contrition over her chaotic seven weeks in office.
“From my time as prime minister, I am more convinced than ever we need to be bold and confront the challenges that we face,” Truss said.
She even quoted the Roman philosopher Seneca, adding: “It is not because things are difficult that we do not dare. It is because we do not dare that they are difficult.”
Sunak won the Conservative leadership race this week after his rival Penny Mordaunt failed to secure the required 100 nominations from her fellow Conservative MPs. He also beat off a brief challenge from former PM Boris Johnson, who decided to pull out of the contest Sunday night despite claiming to have enough nominations.
Sunak is well known to the British public, having served as chancellor for more than two years under Johnson before quitting after his former boss became embroiled in a string of personal scandals.
He was a hugely respected figure after setting up the scheme that replaced people’s salaries if their companies were struggling to keep them on during the COVID-19 pandemic, and another that saw the government stump up 50 percent of restaurant bills to encourage people to support businesses.
But his approval ratings took a hit after it emerged his wife Akshata Murty held a privileged “non-domiciled” tax status in Britain, which she later renounced. He was also criticized after it was revealed he until recently continued to hold a U.S. green card — suggesting he might not have been fully committed to remaining in Britain.
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