(Note: I misjudged that "it seems that Boris is coming back", Sunak was elected as the leader of the British Conservative Party as the new prime minister of the United Kingdom, a "post-80s" Indian (billionaire) of Indian descent.) Notice that several people in several WeChat groups are very surprised, how can they be of Indian origin (just like Obama in the United Kingdom, is it the same as the United Kingdom)? I think it's not strange that in Europe and the United States, presidents, prime ministers, prime ministers, etc., are actually just housekeepers, and in the UK, it is normal to ask Indian butlers, such as the CEOs of many (multinational) large companies in Europe and the United States are Indians (many years ago, I had an article about this phenomenon, remember that the article was called "Chinese without huddling", first published in "The Reader"), now, it is really worth paying attention to how Sunak led the Conservative Party to extricate Britain from the crisis as soon as possible... ）
Author | Real Estate Jun
Source | British property circle
Transferred from | Wall Street Club
Follow the real estate jun to see what big things happened today:
- Boris announced his withdrawal from the party leadership race: I believe I can do a lot, but now is not the time. Penny Mordaunt also announced his withdrawal from the party leadership fray, calling for unity within the party.
- Rishi Sunak was elected Prime Minister of the United Kingdom, becoming the first Asian-American British Prime Minister in history.
- After graduating from Oxford University, he outlined Rishi Sunak's path to the throne.
- Polls show the Conservatives trailing Labour by 39 percentage points, with Labour leaders calling for an early election.
[Boris, Mordaunt announces withdrawal from party leadership dispute]
At that time, yesterday evening, Boris announced: quit the party leadership race.
His statement was as follows:
Over the past few days, many have suggested that I should run again for Conservative leadership, both members of the public and friends and colleagues in Parliament.
I was drawn to me because I led the Conservative Party to a huge victory in general elections about three years ago. Therefore, I believe that I am unique in avoiding early elections.
At a time when Britain must focus on the economic pressures facing families across the country, the election will lead to further catastrophic distractions.
Not long ago, I believed I was ready for the Conservatives to win the 2024 general election, and I have secured over 102 nominations, which means I can run for leadership and potentially return to 10 Downing Street.
But, over the past few days, I have regretfully come to the conclusion that this is not the right thing to do. The country cannot be governed effectively unless there is a united party in Parliament.
I believe I can do a lot, but I'm afraid now is not the time.
Last week, Boris tried unsuccessfully to reach an agreement with Sunak and Mordaunt.
Nadhim Zahawi, the cabinet minister who had originally supported Boris, turned to support Sunak.
Sunak publicly praised Boris's achievements as prime minister after Boris withdrew from the race:
We have navigated a series of difficult challenges under Boris's leadership, who drove the massive rollout of vaccines and Brexit, to whom we will always be grateful.
This afternoon, local time, at the last moment of the candidate's nomination, Penny Mordaunt announced his withdrawal from the party fight in favor of Sunak.
She said: Thank you to those who support me, for the sake of the national interest, we should unite!
[Sunak becomes the next prime minister]
After Boris and Mordaunt announced their withdrawal from the race, Sunak became the new prime minister of the United Kingdom.
Earlier, he said on social media that he would put the economy back on track, unite the Conservative Party and contribute to the UK.
Sir Graham Brady, chairman of the 1992 committee, announced that Sunak would become Britain's next prime minister, leader of the Conservative Party.
Sunak's victory means he became the first Asian-American prime minister in British history, taking office at a time when the economic environment is facing great challenges.
In this regard, Foreign Secretary James Cleverly and former Prime Minister Theresa May and others expressed warm congratulations:
Sunak's election is very good news. He was a wise, talented man. After a difficult period over the past few months, we can focus on serving the British people.
As soon as the news of Sunak's election broke, the pound edged up 1 GBP against the dollar = 1.13319 USD
Afterwards, Sunak met with Conservative MPs and delivered a speech, to thunderous applause.
Britain's King Charles III will also return to London from Sandringham Palace this afternoon to meet the new prime minister.
This year, Sunak has run for leadership twice, losing the first to Liz Truss and winning the second election.
He had clashed with former Prime Minister Truss claiming that her plan to spill money during the inflation crisis was a "fairy tale" that would throw the economy into turmoil, and it turned out that Truss was right that Truss resigned after only 6 weeks as prime minister.
【Sunak's path to prime minister】
Sunak was born in Southampton, England on May 12, 1980.
Compared to today's achievements, Sunak's family looks very ordinary.
His parents and grandparents were Indian, and in the 1960s, his grandparents immigrated to England from East Africa, and everything was started from scratch.
Sunak's father Yashvir is a general practitioner in the NHS and his mother Usha is a pharmacist who runs a small local pharmacy.
Although born into a family of ordinary immigrants, Sunak was bright and clever from an early age and excelled in school. He also said that a good education made him.
The first turning point in Sunak's life came after graduating from primary school, when he enrolled in the prestigious Winchester College in England.
Founded in 1382, Winchester College is one of the nine public schools in the United Kingdom and one of the most well-known institutions in the world, with advanced teaching concepts and superb teaching standards, but for ordinary families, the tuition of this school is not cheap.
At first, he planned to ease the burden on his family by obtaining a scholarship, but unfortunately, he did not end up receiving a scholarship.
However, to Sunak's surprise, in order not to let the opportunity go to waste, his parents decided to pay a high fee themselves and send their son to Winchester to study.
For Sunak, his parents made "great sacrifices" for his education, which made him cherish the hard-won learning opportunity.
During his time at Winchester, Sunak not only excelled in character and learning, but also became the president of the student council and the editor of the school newspaper before graduation because of his intelligence and hard work.
And, in order to reduce the burden on the family, Sunak also earns money by doing odd jobs at a restaurant during the summer.
After graduating from Winchester, Sunak went on to study at the prestigious University of Oxford, where, like many ambitious young men, he chose politics, philosophy and economics.
However, compared to the famous students of William Hague, Cameron, and Boris, Sunak was more of a nobody, and some acquaintances even called him a drunken nerd.
Moreover, Sunak seems to be more enthusiastic about business than other classmates in terms of political ambitions.
While at Oxford, while everyone else was preparing for politics, he took a different path to become president of the Oxford University Investment Association, focusing on business and investment, which laid the foundation for his later business path.
In 2001, at the age of 21, Sunak graduated from Oxford with first place in his major and entered the investment bank Goldman Sachs, which young people coveted.
Goldman Sachs is one of the oldest and largest investment banks in the world, and it also concentrates some of the best people in the world. From 2001 to 2004, Sunak worked as an analyst at Goldman Sachs, gaining extensive investment banking experience.
In 2004, Sunak joined Children's Investment Fund Management, a London-based hedge fund manager, where he became a partner in September 2006.
That was the year he became a partner, Sunak received a Fulbright scholarship to pursue an MBA at Stanford University, a top university in the United States.
Many consider the Stanford experience to be the second turning point in Sunak's life.
Because there he met his beloved, his now wife, Akshata Murthy.
Akshata is not a casual person, she is the daughter of Indian billionaire Narayana Murthy. Narayana Murthy is the co-founder of IT services giant Infosys, known as the "father of India's IT industry," with an estimated net worth of $4.4 billion as of April 2022.
Under the influence of her father, the well-educated Akshata was also very successful in her career, owning a 0.91% stake in Infosys, which was worth about $900 million (£690 million) as of 2009.
Murty, meanwhile, also owns stakes in two restaurants in Jamie Oliver, and in the latest wealth list released in 2022, Akshata is one of the richest women in the UK.
In 2009, less than four years after they met, Sunak and Akshata entered the marriage hall and raised two lovely daughters.
After returning to the UK from Stanford, Sunak left his previous firm to join a new hedge fund firm, Theleme Partners, which was founded in October 2010 and manages around $700 million in assets.
Sunak then joined his father-in-law's investment firm, Catamaran Ventures, where he became a director. His father-in-law was also full of praise for the son-in-law, considering him very "honest".
It can be said that even if Sunak does not choose to enter politics, he has done a very good and successful job in finance. Moreover, after marrying Akshata, Sunak, who has both feet into the wealthy family, will have a smoother business path.
However, in 2014, Sunak made the very unexpected decision to enter politics and develop a political career from scratch.
In 2014, Sunak became a Conservative MP in Richmond, Yorkshire, one of the safest Conservative seats in the UK and held by the Conservative Party for more than 100 years.
Due to his Indian identity and lack of contacts and resources, many people were not optimistic about Sunak's attempt, but miraculously, he won support in the first election and established himself in this constituency, and was re-elected several times.
Commenting on Sunak's potential in politics, former British Foreign Secretary William Haig, who served as MP in Richmond, praised: "Sunak has proven to be a hardworking constituency councillor and it is not surprising that he was re-elected in 2017 and 2019. He is an outstanding person and I am confident that he will continue to be a strong and effective leader in our community.
During his tenure as a member of parliament, Sunak was also involved in some work in the government sector.
Between 2015 and 2017, Sunak was a member of the Special Committee on Environment, Food and Rural Affairs.
Between 2018 and 2019, he served as a junior minister in the government of former Prime Minister Theresa May.
However, you may find that these are not important positions. But Sunak soon ushered in another turning point in his life, and used it as an opportunity to go from a fledgling local parliamentarian to the second chair in the British government in just five years.
Speaking of the turning point in Sunak's political career, we have to mention Brexit.
Generally speaking, British politicians' views on Brexit are divided into three types, remaining, neutrality and Brexit, and Sunak is a staunch Brexit supporter.
Some media have reported that former British Prime Minister David Cameron, who presided over the Brexit referendum, approached Sunak to recruit him into his camp to stay in order to win more young people to support Remain, and Sunak firmly rejected Cameron at that time.
As a staunch supporter of Brexit, Sunak has indeed firmly grasped this megatrend and successfully made a big leap in his political career.
He has publicly stated that EU red tape has "killed" British businesses, believing Brexit will make Britain "freer, fairer and more prosperous."
Not only is it a staunch supporter of Brexit, Sunak also envisions a post-Brexit future for the UK.
In 2016, Sunak wrote a report for the Centre for Policy Studies, a Thatcherite think tank, supporting the UK's establishment of a freeport after Brexit.
The following year, he wrote a report advocating for the creation of a retail bond market for small and medium-sized enterprises.
Elsewhere, Sunak said changing immigration rules was another key reason for his vote to leave the EU, arguing that the UK could benefit from proper immigration while controlling borders.
And these ideas can be said to coincide to some extent with the ideas of Boris, who later became prime minister.
It is worth mentioning that when the British political scene is torn apart by Brexit, Sunak not only has a clear idea of supporting Brexit, but also stood in support of Boris who belongs to the hard Brexit camp early on.
In June 2019, Sunak and two other MPs wrote an article publicly expressing their support for Boris, saying that "the Conservative Party is in extreme danger and only Boris can save us." ”
Some media believe that although Sunak's ascent has its own efforts and good opportunities, this highly inflammatory article also played a role. This allows Boris to reuse the fledgling political rookie among many supporters.
After Boris came to power, Sunak hitched a political ride. In 2019, Boris appointed Sunak as chief secretary to the finance ministry, serving under then-finance minister Sajid Javid.
The next day, he became a member of the Privy Council and entered the inner circle of British politics.
In February 2020, Javid, then finance minister, resigned due to political disagreements with Boris, and by chance, the 39-year-old Sunak was pushed to the position of finance minister, becoming the youngest MP ever to hold the position.
Because he was too young and took office too quickly, Sunak also attracted some criticism, and many people did not think well of him.
Some media even attacked him as a "puppet finance minister", and his appointment marked the end of the Treasury's independence from 10 Downing Street.
However, unexpectedly, because of the policies and generous strokes during the epidemic, he not only succeeded in holding the position of finance minister, but also won the favor of many people.
On 11 March 2020, Sunak released its first budget, announcing an additional £30 billion in spending, of which £12 billion will be used to mitigate the impact of the pandemic on the economy.
On March 17, Sunak again announced £330 billion of emergency support for businesses to pay their employees in lieu of the government, the first time in the UK's history that such a plan has been developed.
Later, Sunak also launched a series of tax cuts, eating out and other support programs, and announced the expansion of support in education and science...
In May this year, the Sunday Times published the 2022 list of the richest people in the UK.
Sunak and his wife are also on the list, at No. 222.
If there were any scandals and controversies, in April this year, Sunak, then chancellor of the exchequer, was caught in the vortex of public opinion over his wife's tax situation.
The dispute stemmed from widespread criticism that Sunak's wife, Akshata, had "non-domiciled status" in Britain and did not pay taxes on her overseas income.
Experts estimate that she could legally save at least around £2.1 million a year in taxes by using her "non-domiciled" status in the UK.
In response, Akshata has said that although it will remain a non-domicilator, it will begin to increase the income tax on foreign income payments to the UK.
[Labour calls for early election]
The latest polls show:
The Conservatives trailed Labour by 39 percentage points.
Labour leader Sir Keir Starmer has called for an early election.
He said in an interview:
Voters have had enough of this farce, and we want to give the people an account, the country first, the party second.
The way we reduce risk is through elections!
Meanwhile, Scottish National Party leader Ian Blackford also called for an immediate general election.
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