Rishi Sunak said on Tuesday that he was not afraid of the challenges he would face in his phase of becoming prime minister. He vowed to restore trust, rebuild confidence and lead the country in the midst of an economic crisis.
A former head of a hedge fund company, Sunak has been in the political arena for seven years since taking the reins of the administration tasked with ending the bickering and discord in Westminster where it has spooked investors and international allies.
"I fully recognize how difficult it is," he said outside the prime minister's residence in Downing Street. At the same time also stated that "I also understand that I have work to do to restore trust, after all that has happened. All I can say is that I am not afraid. I know the responsibility of the position I have accepted and I hope to live up to its demands.”
Sunak, who is also one of the richest men in parliament, is expected to increase spending by around 40 billion pounds ($45 billion) to cover a leaking hole in public spending caused by the economic slowdown, higher borrowing costs and a six-month support program for the people.
With his party's growing popularity, Sunak is likely to face calls for an election if he is unable to launch a policy manifesto that elects the Conservative Party in 2019.
Economists and investors say Sunak's appointment will calm the market. Finally, Sunak also vowed to put the needs of the public above politics. What's more, the situation at this point is getting tense with people struggling with high inflation rates and rising energy prices.
