He must salvage Britain’s fiscal credibility, suppress inflation and end the cycle of crisis that has consumed his Conservative Party
the name of its third prime minister in two months. Rishi Sunak, a former chancellor of the exchequer, was declared the new leader of the Conservative Party on October 24th. He won a hurriedly organised contest without a single ballot being cast, by becoming the only MP to gather the 100 nominations needed to qualify for the race. On Tuesday morning he will see the King at Buckingham Palace, who will ask him to form a government.
Fraught though his task is, Mr Sunak enters office vindicated. A deficit hawk, he had spent the summer campaign warning that Ms Truss’s package of unfunded tax cuts at a time of rising inflation amounted to a fairy tale. She did not listen, and her infamous “mini-budget” of unfunded tax cuts triggered a sharp sell-off in sterling and government debt that led to her own swift demise. British government-bond prices rose sharply as Mr Sunak’s victory became apparent.
But Mr Sunak’s great vulnerability is the fact that he is one of the winners from globalisation at a time when his party, and the country, have become much more animated by the fate of its losers. He met his wife, Akshata Murthy, whose father founded Infosys, an Indian technology giant, while studying for an MBA at Stanford University. He worked for spells at Goldman Sachs, a bank, and TCI, a hedge fund.
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