Amid an economic crisis, Rishi Sunak, the former chancellor of the Exchequer, has become the new Prime Minister of the U.K. 

On Tuesday, Sunak became Britain’s third Prime Minister of the year and the country’s first leader of colour. With millions of people struggling to pay for food and utilities, he is responsible for the economic crisis.

The history of Rishi Sunak:

Sunak, a 42-year-old member of parliament for Richmond, served as chancellor under Boris Johnson. Before entering politics, he was a partner at a hedge fund and a Stanford University MBA graduate.

Economic Challenges

The U.K. has soaring debt, a record-low pound value, and high inflation. The Bank of England was forced to intervene because the financial markets were frightened by Liz Truss’ unfunded tax cut plan. In response to these obstacles, Sunak has indicated he intends to supervise tax increases and spending cuts. In addition, he intends to promote accountability, professionalism, and morality at all levels of government.

Potential Obstacles

Sunak may encounter opposition in implementing his policies, as the centre-right Conservative Party remains profoundly divided on crucial issues such as immigration and European relations. Allies of Truss and Johnson dismissed from the cabinet may cultivate opposition on the backbenches of the House of Representatives.

Political Climate and Public Opinion

Sunak’s opponents have portrayed him as disconnected from common people’s concerns due to his affluent background, privileged private school education, and prior employment as a hedge fund manager. After discovering that she had not paid U.K. tax on her foreign earnings, his wife, Akshata Murty, became controversial. As Prime Minister, Sunak’s policies and leadership could significantly impact the United Kingdom’s relationship with the European Union and other global partners. It remains to be seen how his Brexit and trade policies will differ from those of his predecessors.

Expert Opinions

Sunak’s responsibility, according to Jill Rutter of the Institute of Government, is to demonstrate that the Conservatives “are capable of governing fairly in the national interest.” If the party continues to demonstrate indecision, the electorate may penalise them at the next election.

Sunak’s appointment follows the brief tenure of Liz Truss, who resigned after her tax cut package wreaked havoc on the financial markets and prompted her resignation. The next election must be held by the end of 2024, giving Sunak a maximum of two years to alter the direction of the Conservative Party.

Sunak retained Jeremy Hunt as treasury secretary to prevent further government instability.

In addition, he has begun to create a new cabinet, injecting his administration with his personality and incorporating members from various Conservative Party factions.

As the new U.K. Prime Minister Rishi Sunak confronts several difficult decisions and challenges. Sunak will need to demonstrate his worth and regain the public’s confidence with the nation’s economy in disarray.