London: Rishi Sunak, leader of Britain’s Conservative Party, became the new Prime Minister of the United Kingdom. His name has been officially announced. He will take oath on October 28. Whereas, the cabinet can be formed on 29. Meanwhile, Sunak said, “This is the biggest privilege of my life. I will work day and night for the people of Britain.
Let us tell you that recently, Liz Truss resigned from the post of Prime Minister of Britain. She remained in this position only for 45 days. Sunak thanked the former Prime Minister.
Britain’s nominated PM Rishi Sunak said, “I thank Liz Truss for the service she has rendered to the country. He served his service with dignity amidst many changes. I am honored to have the support of my parliamentary colleagues and to be elected leader of the Conservative and Unionist parties.”
Sunak said, “It is the greatest privilege of my life that I have got the opportunity to serve the party I love and serve the nation.” He said, “I pledge that I will serve you with honesty and humility. I will work day and night for the people of Britain.”
Rishi Sunak said, “The UK is a vast country but we are facing a profound economic challenge. What we need now are stability and unity. I will make it my top priority to bring my party and country together. This is the only way we can overcome the challenges and build a better future for our future generations.”
Who is Rishi Sunak? Know here some important information about him
- Rishi Sunak will become the first British Prime Minister of Indian origin to have received education from the world’s renowned educational institutions like Oxford University and Stanford University.
- Here is some important information about him and his relationship with India.
42-year-old Sunak was born in Southampton, the UK to an Indian family. His grandparents were from Punjab. - Sunak, the son of a pharmacist mother and a doctor father, has studied at one of the most famous schools in England, ‘Winchester’. After this, he went to Oxford University for further studies. He worked at Goldman Sachs Group Inc and later did his MBA from Stanford University in California, USA. It was here that he met his wife Akshata Murthy, the daughter of Narayana Murthy, co-founder of Infosys.
- Sunak worked at TCI Fund Management under Chris Hone’s hedge fund manager Chris Hone for about three years and then joined Patrick DeGorses’ hedge fund Thalem Partners.
- He married Akshata in 2009 and the couple has two daughters, whose names are Krishna and Anushka.
- Sunak became a Member of Parliament from Richmond, Yorkshire in 2015.
- He took oath as an MP on the Bhagavad Gita in Parliament.
- In February 2020, he was appointed to the most important post of Britain’s cabinet, ‘Chancellor of the Exchequer’ i.e. Minister of Finance.
- As finance minister in the Boris Johnson-led government, he lit diyas on Diwali at his Downing Street residence. He doesn’t drink alcohol.
- He often talks about his heritage and how his family reminded him of his values and culture.
- When Boris Johnson announced the first nationwide lockdown due to the COVID-19 pandemic, Sunak prepared a comprehensive relief package to save millions of jobs. Considered close to Johnson, Sunak appeared to be the exact opposite of the former prime minister’s personality.
When Sunak’s stars were shining, British magazines used to call him ‘Dishi Rishi’ i.e. ‘attractive sage’. But his wife Akshata’s tax status and wealth, as well as criticism by members of the Conservative Party of Sunak’s move to get her name in the ‘Partygate’ scandal and raise taxes for millions, changed her position and made her a ‘fishy sage’. He came to be known as the ‘Suspicious Rishi’.
The financial situation of the Sunak couple came under scrutiny recently after it was revealed that Akshata is still an Indian citizen and has non-domicile status in the UK. Because of this, she does not have to pay taxes on foreign earnings here and she is planning to go back to India. As Akshata was a non-resident, she was able to save around £20 million in tax on dividends from Infosys shares.
During his campaign for the post of Prime Minister this year, Sunak faced criticism on many fronts, including luxurious houses, expensive clothes, and shoes.
Sunak’s net worth is 700 million pounds. Apart from a luxurious bungalow in Yorkshire, Sunak and his wife Akshata have another property in Kensington, central London.
Challenges:
The UK economy is facing trouble. Inflation is high and interest rates are rising. Ukraine’s war increased energy spending for the second time this year. The Sterling (the currency in Britain) is looking weak in the money market.
Sunak’s first task will be to restore Britain’s international financial credibility, as outgoing leader Liz Truss’s plan to cut funding without funding and expensive energy price guarantees rocked the bond market.
