After several months of political and economic chaos, on the 25th local time, the 42-year-old former British Chancellor of the Exchequer Rishi Sunak accepted the king's appointment and officially became the 79th Prime Minister of the United Kingdom.
The new prime minister is full of "labels": Britain's first Prime Minister of colour, the first Hindu Prime Minister, the youngest Prime Minister since 1812... In his 86-second inaugural speech after his victory, Sunak said Britain was facing a deep economic crisis and that he was not deterred and that he would correct the mistakes made by his predecessor and ensure economic stability.
While Sunak's performance was ridiculed on social media, for the discredited Conservatives, Sunak was the last glimmer of hope out of the crisis.
A devastated mess
Sunak, who quickly took up his post, is facing a long list of "to-do" items:
First, the divided Conservative Party urgently needs to bridge its divisions. In July, when Johnson was besieged by the "partygate" scandal, Sunak took the lead in resigning, which became the "trigger" for Johnson's ouster, and some party members still consider Sunak to be a "political assassin".
A series of scandals during Johnson's tenure and economic policy failures during Truss's tenure sent the popularity of the Conservative Party plummeting. Before his public speech, Sunak made a closed-door address to Conservative MPs, stressing that the Conservative party must be united or it would "perish". However, public opinion generally believes that Sunak will also have difficulty reuniting the now deeply divided Conservative Party after becoming prime minister.
On the 25th, British Prime Minister Sunak delivered an inaugural speech. Source: Visual China
Second, save people in economic distress. The Truss government's mini-budget sparked market panic, the pound plummeted, and the British people were suffering from the twin effects of soaring energy prices and a recession, and Sunak was tasked with leading the deeply divided country through it. This requires considerable political skill, and is no easier than winning the race for party leadership.
Third, alleviate the energy crisis caused by the Russia-Ukraine conflict. Soaring energy prices have pushed inflation to record highs, with households choosing to leave the country. The energy crisis has also affected production, and the PMI of countries such as the United Kingdom is below the 50% boom and bust line, and some companies have been forced to reduce production. British police are even worried about a sharp rise in certain categories of crime this winter and the possibility of riots.
Fourth, the bitter consequences of Brexit are gradually emerging. On the 22nd local time, thousands of demonstrators protesting Brexit appeared on the streets of London, saying that Brexit is a "slow death, and the best way to get Britain back on track is to return to the European Union."
However, Sunak, like Johnson, is a Brexiteer. Before the 2015 Brexit referendum, Sunak said in his constituency that Britain would be "freer, fairer and richer" after leaving the EU. That position may now be a burden on him, as more and more Britons realise that many of the economic problems that have arisen over the past few years are directly related to Brexit.
Fifth, Scottish independence has resurged. The mess of the British economy is also a headache for Scotland. On the 11th, Nicola Sturgeon, the current chief minister of local government in Scotland and leader of the Scottish National Party, announced at the party's annual meeting: If the British Supreme Court allows, Scotland will hold a second independence referendum on October 19 next year.
Sturgeon argues that the "austerity and hardship" brought about by the London government has pushed hundreds of thousands of people into poverty, becoming part of a "failed" British economy is at greater risk than independence.
Elite character from above
Sunak, 42 years old this year, is thin, dripping and pays attention to dress, which is the opposite of Johnson's style.
Sunak's family and class background laid the foundation for his future development. Sunak's father is a doctor and his mother runs her own pharmacy. Sunak attended Winchester College, an expensive private school, and later at Oxford University, eventually completing his economics studies at Stanford University in the United States.
While studying at Stanford University, he met his future wife, Akshata Muti. The wife comes from a family of Indian tech billionaires and is the daughter of Narayana Murthy, one of the founders of software giant Infosys, whose fortune Forbes magazine estimates at $4.5 billion.
Sunak started as an analyst at Goldman Sachs and later co-founded two hedge funds. The Times estimates this year that the Sunaks have assets of more than £730 million, almost double that of King Charles III (£370 million).
Sunak's rise in politics has also been astonishingly fast. He was elected to parliament in a conservative hardcore constituency in 2015, and five years later, Johnson has nominated Sunak, 39, as chancellor. At the time, many believed that Sunak had been selected by Johnson as the successor to the prime minister.
But then his wife, Akshata, was suddenly exposed to a tax evasion scandal and evaded millions of pounds in taxes by keeping huge overseas incomes secret. At the same time, it was reported that Sunak had long held a US green card and gave up after being appointed treasurer, and his family was inextricably linked to the United States, and his loyalty to Britain was questioned.
Sunak family infographic. Source: The New York Times
At a time when the British are suffering from high gas prices, Sunak's modest family business is particularly glaring. Critics often call Sunak an upper-class person out of touch with the lives of ordinary people.
Sunak hinted in 2001 that he had "no working-class friends." This year's spring budget report was also criticized for not adjusting policies for inflation.
Critics within the Conservative Party have questioned whether the millionaire rich minister truly understands the cost-of-living crisis facing the average British family. The opposition Labour Party also criticized earlier this year that Sunak kept describing "all kinds of bread in his house" as MPs discussed rising food prices.
"It depends on what people see him doing," said Anand Menon, a professor of European politics at King's College London. "If it looks like he's protecting the privileged and the rich, that's embarrassing."
Fragmented "bulk" economic policy
British assets and the pound rose sharply after the news of Sunak's victory, and the British public hoped that Sunak's prudent fiscal policy would stabilize the economy and bring the LinkedIn country out of stagnation after the coronavirus pandemic hit the economy and the turmoil caused by Truss.
However, since the election of the British party leader this summer, Sunak has not proposed a detailed plan to save the economy.
Inflation in the UK has risen to a high of 10.1%, and controlling inflation is a priority for Sunak. He has warned that Truss's economic plan to escape inflation through borrowing is a "fairy tale." At a time when inflation hits double digits, Truss's tax cuts will be destabilizing.
Therefore, he called for maintaining the policy of increasing corporate taxes and delaying income tax cuts. But both policies were proposed by Mr. Sunak during his tenure as chancellor, and in his brief inaugural speech after his victory, Mr. Sunak made no mention of his specific plans — he blamed Mr. Putin for energy and his economic policy mistakes for his predecessors.
Sunak's tenure as Chancellor of the Exchequer coincided with the coronavirus outbreak in the UK. He promised to do everything he could to help the British economy weather the crisis, introducing a £350 billion bailout package that ended up in high debt, like other European countries.
In addition, Sunak also introduced a policy of cutting the general credit interest rate, which was criticized for "not solving the suffering of the people". British trade union activist Howard Beckett criticized on social media: "Sunak, who is worth £730 million, told us that the plan to cut the welfare of the poor and raise taxes on workers was the right one, that it was foolish to provide energy subsidies, but at the same time he gave bankers a £7.3 billion tax cut. ”
When running for party leadership this summer, Sunak stressed that he would reorganize the government budget and reduce debt as soon as possible. The BBC expects him to stick to this agenda and potentially cut spending when he becomes prime minister, a "difficult decision" that Sunak referred to in his inaugural speech.
Richard Burgon, a Labour MP, quipped on social media that when Sunak said he wanted to make "tough decisions," he wasn't referring to making it hard for him, but about making it difficult for workers.
According to Bloomberg, Sunak is expected to appoint or reappoint cabinet members on the day he takes office, and Jeremy Hunt has confirmed that he will continue as Chancellor of the Exchequer, while British Business Secretary Jacob Rees-Mog and British Attorney General Brandon Lewis have both announced their resignations.
It seems that Sunak's election is far from being a stop to political chaos in Britain, but rather an undercurrent of waves is taking place.
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Source| This article is transferred from the governor of Chang'an Avenue (author Liu Xiaoyan), thanks here!
Original title| "Sunak, is the ability to turn the tide?" 》
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Executive Producer| Yu Yingbo
Editor| Li Zhaodi