Business Maverick: New Premier Sunak Warns UK Faces ‘Profound Economic Challenge’

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Rishi Sunak warned the UK faces a “profound economic challenge” as he prepares to take power after emerging victorious in the race to succeed Liz Truss as prime minister.

It is a remarkable turnaround in Sunak’s political fortunes, after the former Chancellor of the Exchequer quit Boris Johnson’s government in July and then lost out to Truss in the last Tory leadership contest over the summer. But his repeated warnings that her plans would trigger economic chaos proved correct and put him in pole position when Truss’s premiership imploded.Even so, Sunak was no shoo-in given the bitterness and division in the Conservative Party.

In the end, Johnson withdrew without ever showing he had the support of 100 Tory MPs needed to formally contest the leadership. Likewise, Mordaunt pulled out shortly before influential Tory MP Graham Brady was due to announce which candidates had surpassed that threshold. It effectively meant a coronation for Sunak, 42, who becomes the UK’s first Hindu prime minister and the country’s youngest in more than 200 years. Grassroots Tory members, who had the final say when Truss beat out Sunak last time, will have no input this time around.But Sunak now faces a daunting task to try to bring that unity to a party that has been through months of upheaval and is still tearing itself apart over fundamental issues including Brexit and the economy.

But some Tory MPs have said the party no longer has a mandate to govern, after a second change of leader since Johnson won the general election in 2019. “It will now be impossible to avoid a GE,” former Culture Secretary Nadine Dorries said earlier on Twitter. But Sunak told his MPs there will be no snap election, according to Hoare.On Monday, there were signs that Tory MPs are prepared to rally behind their new leader.

“We’ve got to move forward,” Chalk said. “He said it with an articulacy and a power that brought the room to life.”

 

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