Rishi Sunak

Former PM Johnson says “this is simply not the right time” to bid for a return to 10 Downing Street.

In his statement Sunday evening, Johnson claimed he did in fact have the numbers required, and that he was confident of winning sufficient support in the subsequent ballot of Tory grassroots members to put himself back in No. [Zahawi announced 29 minutes](https://twitter.com/nadhimzahawi/status/1584280847141638144) later that he was now backing Sunak instead. 10 — potentially giving him the chance of a comeback. Off to bed!” An hour later he, too, announced he was backing Sunak. Johnson had always made clear he hoped to one day return as prime minister after being ousted back in July. “Boris Johnson delivered Brexit and the great vaccine roll-out,” Sunak said. But most observers believe Sunak is now firmly on course for Downing Street, just seven astonishing weeks after he was roundly defeated by Truss in the last Tory leadership contest. “You can’t govern effectively unless you have a united party in Parliament,” Johnson said. But he said the urgent need for party unity meant he would pull out of the race instead. Senior figures including Chancellor Jeremy Hunt rowed in behind Sunak Sunday evening following Johnson’s departure from the race. prime minister as early as Monday after Boris Johnson sensationally abandoned hopes of a return to No. His decision leaves Sunak, his fierce rival and former chancellor, in pole position to take over as U.K.

LONDON: British Conservative Rishi Sunak was on Monday (Oct 24) poised to become prime minister and the country's first leader of colour, after the dramatic ...

If it came to that, the result would be announced Friday. But she has struggled for momentum, attracting just two dozen public backers among her fellow MPs. Advertisement

Britain's former Finance Minister and Indian-origin conservative party MP Rishi Sunak praised the leadership of former British Prime Minister Boris Johnson, ...

Rishi Sunak, the ex-chancellor who lost his bid for leadership against Liz Truss just last month, said he'll stand in the contest to replace her.

Britain's Conservative Party is once again picking its next leader who will become the next U.K. prime minister after Liz Truss resigned.

An election can be called early but it would require the support of Conservative lawmakers, which seems unlikely given that the party faces a near wipeout if an election was held today. Nadhim Zahawi, a former top minister in Johnson’s government, tweeted, “A day is a long time in politics …” Indeed, it was. As Tory lawmakers ready themselves for a vote on Monday, over who runs their party and therefore who runs Britain, the surrogates for Johnson and his chief rival, the former finance minister Sunak, were duking it out on the morning talk shows, the gossipy Westminster WhatsApp groups and rounds of phone-calling and arm-twisting. Rishi is the only candidate that fits the bill.” Keir Starmer, the Labour leader, reiterated his calls for a general election. The former home secretary Suella Braverman, who is also on the right of the party, came out for Sunak. He led our country through some of the toughest challenges we have ever faced, and then took on Putin and his barbaric war in Ukraine. Mordaunt will be hoping to pick up support from undeclared voters and Johnson backers, but already some of those have said they will be backing Sunak. In a statement, Johnson said he had enough support to proceed to a vote among Conservative Party lawmakers on Monday. You can’t govern effectively unless you have a united party in parliament,” he said. He is a centrist on the economy, who promises to balance the books and pay heed to the Bank of England and the bond market. Sunak is a graduate of Stanford University and a former employee of Goldman Sachs.

Rishi Sunak has just declared he is running to be the next Conservative Party leader and prime minister after days of speculation, during which he amassed the support of well over 100 MPs. In a tweet announcing his candidacy, Sunak writes "the United ...

And I need a leader who will put our house in order and apply a steady, careful hand on the tiller. The momentum is with ex-Chancellor Rishi Sunak. The MP says Johnson "understands the frustration that people had. Who will Penny Mordaunt and her supporters swing behind? Current Chancellor Jeremy Hunt is due to set out his economic plans on 31 October. According to Oddschecker, the likelihood of Sunak becoming PM is 74%. "I think all of us lost our patience over the Partygate issue. He currently has the public endorsement of 146 Tory MPs. But I think he has genuinely learned from those mistakes. "But what we need is a government that will actually tell us honestly there is a reduction in our national standard of living because we've decided to help Ukraine and confront Russia and that means that all of us are going to have to share the burden, we can't just put all of it on our children and grandchildren." Less than 24 hours later – Liz Truss was gone. "I'm confident Boris has got the numbers, I'm confident Boris will be in this contest, and in it to win it," he says.

LONDON — Former British Prime Minister Boris Johnson announced Sunday he will not run to lead the Conservative Party, ending a short-lived, high-profile ...

In his Sunday statement, Johnson insisted he was "well placed to deliver a Conservative victory" in the next national election, due by 2024. "Therefore I am afraid the best thing is that I do not allow my nomination to go forward and commit my support to whoever succeeds." Tory voters backed Truss over Sunak, but he was proved right when Truss' unfunded tax-cutting package triggered chaos in the markets in September. "What we can't do is have him as prime minister in circumstances where he's bound to implode, taking down the whole government ... The prospect of a return by Johnson had thrown the already divided Conservative Party into further turmoil. His withdrawal leaves former Treasury chief Rishi Sunak the strong favorite to become Britain's next prime minister — the third this year — at a time of political turmoil and severe economic challenges.

He also claimed he had secured 102 nominations from Conservative Party members — 100 nominations are needed to qualify for leadership — but BBC News had only ...

Supporters say he is a vote winner and has enough support from lawmakers, but many critics warn that another Johnson government would be catastrophic for the party and the country. "What we can't do is have him as prime minister in circumstances where he's bound to implode, taking down the whole government ... 10 and the country better," Zahawi said. The new leader is due to be selected by Friday. If all three meet the threshold, lawmakers will vote to knock out one and then hold an indicative vote on the final two. Baker noted that Johnson still faces an investigation into whether he lied to Parliament while in office about breaking his government's own coronavirus restrictions during parties at Downing Street. On Sunday, he confirmed he was running again in the latest leadership contest. "There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done," Sunak said in a statement. Business Secretary Jacob Rees-Mogg told the BBC on Sunday that he spoke with Johnson and "clearly he's going to stand" after flying back to London Saturday from a vacation in the Dominican Republic. [Boris Johnson](https://www.cbsnews.com/news/boris-johnson-returns-uk-rumors-he-will-run-british-prime-minister/) said in a statement Sunday that he would not seek the leadership of the Conservative Party, leaving former Treasury chief Rishi Sunak as the frontrunner to take over after [Liz Truss](https://www.cbsnews.com/news/liz-truss-resigns-as-uk-prime-minister-today/) hastily announced her exit last week, after just 45 days at the helm. [BBC News](https://www.bbc.com/news/live/uk-politics-63327087), Johnson insisted in the statement "I believe I am well placed to deliver a Conservative victory in 2024." [runner-up after Truss](https://www.cbsnews.com/news/liz-truss-britain-prime-minister-cost-of-living-action/) in this summer's Tory leadership race to replace Johnson after he was forced out by a string of ethics scandals.

Boris Johnson 'delivered Brexit and great vaccine roll-out', says Rishi Sunak; Penny Mordaunt on 30 supporters as Sunak secures 165 ahead of 2 pm Monday ...

BBC political correspondent Nick Eardley points out that a lot of people will be paying attention to the last few words in Johnson’s statement last night. Contender Penny Mordaunt, who missed out on the last contest’s run-off by just eight votes, is now under pressure to concede rather than force the contest to a vote of members. She did not reveal anything about where her own bid stands, but this may signal that she is planning to get the backing of MPs who declared their support for Johnson: Angela Rayner, the deputy leader, said: “The Tories are about to hand the keys of the country to Rishi Sunak without him saying a single word about how he would govern. The person coming second (almost certainly Mordaunt) would be under pressure to withdraw at that point, although theoretically the decision could still go to a ballot of members, in which case we would not have a new PM until Friday. Former prime minister Boris Johnson has ended his bid to return to power within months of being ousted, claiming that although he had the numbers, he would not run to replace Liz Truss, who resigned as Conservative party leader on Thursday after just 45 days in office. That is the time when nominations close and Penny Mordaunt, the only other candidate still in the contest, is struggling to collect 100 names. It will be the first time since 1940 that a new PM has taken over for the second time since the previous general election. And it will be the first time since 1834 that the we’ve had three prime ministers in year. And it looks very, very likely that by the end of the day Rishi Sunak will be the next prime minister. I’m Andrew Sparrow, taking over from Helen Sullivan, on a morning when the UK wakes up to learn that one national icon is staging a comeback, but it’s David Tennant as Dr Who (see 6.44am), not Boris Johnson as prime minister. Diwali is a five day festival celebrated by millions of Hindus, Sikhs and Jains across the world.

Rishi Sunak took a huge step toward becoming the UK's next prime minister as former premier Boris Johnson pulled out of the contest after a weekend of ...

Rishi Sunak has emerged as the frontrunner in the race to become the UK's next prime minister, after Boris Johnson announced he was not standing.

She will become the shortest-serving prime minister in British history when she stands down. Candidates need the support of at least 100 Tory MPs to progress to the next stage. If two candidates remain and no-one withdraws, Tory party members will make the final decision in an online vote, with the winner declared by Friday "No one voted for this. Off to bed!" Essex MP James Duddridge, who gave the first indication that Mr Johnson was intending to run in the Tory leadership race, simply tweeted: "Well that was unexpected.

Rishi Sunak and Penny Mordaunt are in the race to lead the U.K.'s Conservative Party and Britain, with a deadline of 2 p.m. local time for nominations.

local time to secure the endorsements of at least 100 of their party colleagues in Parliament (out of 357). Contenders to lead the ruling Conservative Party and the country face a deadline of 2 p.m. After former prime minister

Sterling rises after Boris Johnson quits race and former chancellor pulls ahead of rival Penny Mordaunt.

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Rishi Sunak looks set to become the next U.K. prime minister with results to be announced Monday afternoon.

Pressure had mounted for the short-lived leader to quit after her new finance policies flopped and caused market chaos. Gilt yields fall [Sterling](/quotes/GBP=/) rose and 10-year gilt yields fell to their lowest level in a month in early trade Monday, briefly hitting 3.814%, down 21 basis points for the session. Monday, by which point candidates need to have secured at least 100 nominations from fellow Tory lawmakers to stand as leader of the party. Sunak could be confirmed as the next leader of the Conservative Party and U.K. [Liz Truss announced her resignation](https://www.cnbc.com/2022/10/20/uk-prime-minister-liz-truss-resigns-after-failed-budget-and-market-turmoil.html) Thursday after just 44 days in the role. [a former defense minister](https://www.cnbc.com/2022/07/20/penny-mordaunt-the-navy-reservist-battling-to-succeed-boris-johnson.html), who came behind Sunak in the original contest to take charge of the Conservative Party in September. [current Finance Minister Jeremy Hunt](https://www.cnbc.com/2022/10/17/uks-new-finance-minister-sets-out-.html) and former Finance Minister Sajid Javid, along with current Interior Minister Grant Shapps and his predecessors [Suella Braverman](https://www.cnbc.com/2022/10/19/uks-suella-braverman-to-reportedly-leave-role-as-interior-minister-.html) and Priti Patel. LONDON — Former Finance Minister Rishi Sunak looks set to become the next prime minister of the U.K., with votes to be counted Monday afternoon. [according ](https://news.sky.com/story/boris-johnson-pulls-out-of-conservative-leadership-race-12728576) [t](https://news.sky.com/story/next-prime-minister-uk-latest-boris-johnson-rishi-sunak-truss-mordaunt-12593360) [o Sky News](https://news.sky.com/story/boris-johnson-pulls-out-of-conservative-leadership-race-12728576), while Mordaunt is thought to have around 25, with 357 lawmakers eligible to vote. - Former Finance Minister Rishi Sunak looks set to become the next prime minister of the U.K., with votes to be counted Monday afternoon. [he dropped out of the race](https://www.cnbc.com/2022/10/23/former-uk-pm-boris-johnson-reportedly-pulls-out-of-leadership-race.html) late Sunday. - Former Defense Minister Penny Mordaunt is his only rival after former Prime Minister Boris Johnson pulled out of the race Sunday.

The leadership contest was triggered by outgoing leader Liz Truss' resignation last week.

If it came to that, the result would be announced Friday. But she has struggled for momentum, attracting just two dozen public backers among her fellow MPs. Advertisement

Candidates were vying for the support of Conservative lawmakers after Liz Truss resigned last week amid economic turmoil. Rishi Sunak, the former chancellor ...

Mr. Restoring Mr. But Mr. Truss, leaving Mr. Braverman’s parting shot illustrated the resistance from people on the right to what they see as the growing influence of the newly appointed chancellor, Jeremy Hunt, a moderate who voted against Brexit and was a supporter and ally of Mr. Supporters of Mr. That is far from clear, however, because Mr. Party leaders threw their support behind Mr. His leadership would be hard to stomach for some who opposed him, including the business secretary, Jacob Rees-Mogg, who once refused to deny reports that he had described Mr. Sunak as a better option to try to unify a divided party and put the chaos of the last few months — much of it caused by Mr. Johnson pulled out of the race on Sunday evening, ending a quixotic bid to reclaim a job that he lost three months ago amid a cascade of scandals. [Boris Johnson](https://www.nytimes.com/2022/10/23/world/europe/uk-prime-minister-race-sunak-johnson.html) pulled out of the race to succeed [Liz Truss](https://www.nytimes.com/2022/10/20/world/europe/liz-truss-resigns-conservative-party.html?searchResultPosition=4) on Sunday evening.

Many Indians are delighted at the prospect of Rishi Sunak becoming the first person of Indian origin to become British prime minister on Monday, ...

Muthukrishnan wrote on Twitter, referring to the founder of Indian software giant Infosys Ltd "Rishi Sunak took oath as an MP on (Hindu holy book) Bhagavad Gita. He has also been photographed lighting candles outside No 11 Downing Street to mark the occasion. Register now for FREE unlimited access to Reuters.com "This (Diwali) is very special for India's magnificent cricket victory and in all likelihood, Rishi Sunak, a person of Indian origin, a practising Hindu and our own Narayana Murthy's son-in-law, becoming prime minister of UK," Chennai resident D. NEW DELHI, Oct 24 (Reuters) - Many Indians are delighted at the prospect of Rishi Sunak becoming the first person of Indian origin to become British prime minister on Monday, just as Hindus across the world celebrate Diwali.

Boris Johnson has withdrawn from the race to be Conservative leader, leaving Rishi Sunak within touching distance of becoming prime minister. After senior ...

If Johnson had won, he warned that a political crisis would develop by the end of the week. He suggested the former prime minister would make an “amazing chairman” instead. I believe I have much to offer, but I am afraid that this is simply not the right time.” Labour questioned the appointment of a new prime minister while the country has heard nothing of their programme for government. Sunak is expected to sweep up many more Tory MPs on Monday morning given he has the momentum, but Mordaunt could win over any former Johnson supporters who want to stop him. Many MPs were concerned about the upcoming Perhaps it’s not surprising he’s avoiding scrutiny: after all, he was so bad that just a few weeks ago, he was trounced by Liz Truss.” [Rishi Sunak](https://www.theguardian.com/politics/rishi-sunak) without him saying a single word about how he would govern. “Rishi will be continuing to talk to colleagues tomorrow morning before nomination papers go in, and discussing how best to unite the party and take the country forward,” the campaign source said. She had only 30 public backers by Sunday night – 70 short of the number needed to get on the ballot paper. [Former shadow chancellor] Ed Balls, shadow cabinet ministers and Labour advisers have all said Penny is the candidate Keir Starmer fears the most.” You can’t govern effectively unless you have a united party in parliament.

Former chancellor learns lessons from previous run, distancing himself from Boris Johnson in the process.

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NEW DELHI: Many Indians are delighted at the prospect of Rishi Sunak becoming the first person of Indian origin to become British prime minister on Monday ...

He has also been photographed lighting candles outside No 11 Downing Street to mark the occasion. "Rishi Sunak took oath as an MP on (Hindu holy book) Bhagavad Gita. Advertisement

The former U.K. Treasury chief was runner-up to Liz Truss in the contest to replace the scandal-plagued Boris Johnson as Conservative Party leader and prime ...

"In the last five years, we've seen ethnic minority chancellors of the Exchequer, home secretaries, foreign secretaries at a remarkable pace. "Ethnic diversity has become a new normal at the top table of British politics," Katwala acknowledges. At 42, he'll also be the youngest prime minister in more than 200 years. — faces enormous economic challenges. Sunak's rise in British politics has been nothing short of meteoric. Sunak will be the first British Asian to become prime minister and the first nonwhite to take the top job.

Sunak, a former finance minister, is married to the daughter of Indian tech billionaire N. R. Narayana Murthy and would be the first prime minister of South ...

Here’s What To Know About Boris Johnson’s Successor](https://www.forbes.com/sites/roberthart/2022/09/05/liz-truss-is-the-uks-new-prime-minister-heres-what-to-know-about-boris-johnsons-successor/?sh=54b7d39527ee) (Forbes) [U.K. [resigned](https://www.forbes.com/sites/roberthart/2022/10/20/uk-prime-minister-liz-truss-resigns-after-6-turbulent-weeks-in-office/?sh=4c67b4d0640e) as prime minister last week after just six weeks on the job, the shortest tenure in British history. On Sunday, Johnson [said](https://www.forbes.com/sites/carlieporterfield/2022/10/23/boris-johnson-drops-out-of-uk-prime-minister-contest/?sh=7a9d744550b3) he would not pursue leadership again, leaving Sunak the [clear favorite](https://www.bbc.co.uk/news/uk-politics-63370359). To call an election, a prime minister must formally seek one from King Charles III or the government must lose either a formal confidence motion or a vote it has billed as a confidence issue. Murthy’s [daughter](https://www.theguardian.com/politics/2022/apr/07/akshata-murty-who-is-rishi-sunak-wife), Akshata Murthy, married Sunak after the two met when working towards an MBA at Stanford University. King Charles III will ask Truss’ replacement to form a new government in his name. [From fighter to quitter: the ‘weird’ rise and fall of Liz Truss](https://www.theguardian.com/politics/2022/oct/22/from-fighter-to-quitter-the-weird-rise-and-fall-of-liz-truss) (Observer) [Liz Truss Is The U.K.’s New Prime Minister. Prime Minister Liz Truss Resigns After 6 Turbulent Weeks In Office](https://www.forbes.com/sites/roberthart/2022/10/20/uk-prime-minister-liz-truss-resigns-after-6-turbulent-weeks-in-office/?sh=4c67b4d0640e) (Forbes) until the next general election and there are no set dates for these. Under current rules, the next election can be held no later than January 2025 and the Tories are not obligated to do so until then. [push](https://www.telegraph.co.uk/politics/2022/10/17/politics-latest-news-jeremy-hunt-budget-liz-truss/) the Conservatives out of [opposition](https://www.independent.co.uk/news/uk/politics/tory-poll-liz-truss-labour-starmer-b2204553.html) as well as government. [backed](https://www.rishisunak.com/news/why-i-will-vote-britain-leave-eu-0) Brexit and was named finance minister in 2020 having only [entered](https://www.gov.uk/government/people/rishi-sunak) government as a junior minister in the housing ministry in 2018 and joining the treasury as second-in-command to the finance minister in 2019.

Rishi Sunak looked set to become Britain's next prime minister after his rival Boris Johnson quit the race, admitting he could no longer unite their party ...

Finance minister Jeremy Hunt - the fourth person in that role in four months - is due to present a budget on Oct. "This decision is an historic one and shows, once again, the diversity and talent of our party," Mordaunt said in a statement as she withdrew from the race just minutes before the winner was due to be announced. After graduating from Oxford University, he went to Stanford University where he met his wife Akshata Murthy, whose father is Indian billionaire N. His successor Truss lasted just over six weeks before she quit over an economic policy that trashed the country's economic credibility. The pound and British government bond prices jumped briefly on news of Mordaunt's withdrawal, but soon returned to their previous levels. Narayana Murthy, founder of outsourcing giant Infosys Ltd.

Tobias Ellwood, chair of the defence select committee and a supporter of Rishi Sunak, urged fellow Conservative MPs to rally around the former chancellor.

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LONDON - Mr Rishi Sunak will be the third British prime minister in less than two months and first nonwhite leader after other candidates quit the race to ...

After graduating from Oxford University, he went to Stanford University where he met his wife Akshata Murthy, whose father is Indian billionaire N. His successor Ms Truss lasted just over six weeks before she quit over an economic policy that trashed the country’s economic credibility. Narayana Murthy, founder of outsourcing giant Infosys Ltd.

The opposition Labour Party is likely to paint him as a member of the uber-rich elite. Read more at straitstimes.com.

So to see a British Indian leader is phenomenal,” he told Reuters. He will also be the first person of colour to become Britain’s prime minister. I know what it feels like,” Starmer said on Sunday. Then, the former finance minister repeatedly described his predecessor’s ideas as “fairytale” economics that would spook the markets. “There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done,” he said in veiled criticism of Johnson, forced out over a scandal-ridden premiership. The opposition Labour Party is likely to paint him as a member of the uber-rich elite, out of touch with the pressures faced by millions as Britain slides towards a recession, dragged down by the surging cost of food and energy.

Rishi Sunak will become British prime minister on Monday (Oct 24) after other candidates quit the race to lead the Conservative Party, leaving him with the task of steering a deeply divided country through an economic downturn set to leave millions of ...

British government bond prices rose sharply on Monday as former finance minister Rishi Sunak cruised to victory in the race to succeed Liz Truss as prime ...

Register now for FREE unlimited access to Reuters.com Despite falling back later, they retained the hefty gains racked up earlier in the day when Sunak's victory looked increasingly likely. LONDON, Oct 24 (Reuters) - British government bond prices rose sharply on Monday as former finance minister Rishi Sunak cruised to victory in the race to succeed Liz Truss as prime minister, removing at least one source of uncertainty for bond investors.

He will have to steer a deeply divided country through an economic downturn. Read more at straitstimes.com.

His successor Ms Truss lasted just over six weeks before she quit over an economic policy that trashed the country’s economic credibility. After graduating from Oxford University, he went to Stanford University where he met his wife Akshata Murthy, whose father is Indian billionaire N. Narayana Murthy, founder of outsourcing giant Infosys Ltd. “Rishi has my full support.” “There is no doubt we face a profound economic challenge,” Sunak said. “It is the greatest privilege of my life to be able to serve the party I love and give back to the country I owe so much to,” Mr Sunak said at the Conservative Party headquarters.

Almost 200 Tory MPs publicly backed the ex-chancellor, who was elected party leader without a vote.

"This decision is an historic one and shows, once again, the diversity and talent of our party," Ms Mordaunt wrote in a tweet. Mr Sunak will be the fourth consecutive prime minister - after Theresa May, Boris Johnson and Ms Truss - to take power without a general election. Sources told the BBC that Mr Sunak and Mr Johnson met on Saturday as Tory MPs decided who to back in the second Tory leadership contest in four months. Ms Mordaunt took the leadership race to the wire but came under pressure to unite behind Mr Sunak after former Prime Minister Boris Johnson withdrew from the contest on Sunday. Mr Sunak - a 42-year-old practising Hindu - is expected to take office in the coming days now the result of the Tory leadership contest is known. Mr Sunak's coronation, in effect, as Tory leader caps a rapid political comeback by the former chancellor after he lost out to Ms Truss in the last leadership contest during the summer.

Rishi Sunak will also be Britain's third prime minister in less than two months and the country's first leader of colour.

He will also be the first person of colour to become Britain's prime minister. "This decision is a historic one and shows, once again, the diversity and talent of our party," Mordaunt said in a statement as she withdrew from the race just minutes before the winner was due to be announced. So to see a British Indian leader is phenomenal," he told Reuters. I know what it feels like," Starmer said on Sunday. Sunak replaces Truss, who said she would resign four days ago but who defeated him on Sep 5 with 57 per cent of the vote from Conservative members. Sunak, one of the wealthiest politicians in Westminster, will be Britain's third prime minister in less than two months. Labour leader Keir Starmer is expected to seize on the appointment of a new wealthy prime minister by Conservative lawmakers rather than by the country as a reason why Britain should face a national election before it is due in two years. "There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done," he said in veiled criticism of Johnson, forced out over a scandal-ridden premiership. "Rishi has good PR but an inability to be brave and be the Brexit Chancellor the UK needs," the insider said on condition of anonymity. The opposition Labour Party is likely to paint him as a member of the uber-rich elite, out of touch with the pressures faced by millions as Britain slides towards a recession, dragged down by the surging cost of food and energy. Finance minister Jeremy Hunt - the fourth person in that role in four months - is due to present a budget on Oct 31 to plug a black hole in the public finances that is expected to have ballooned to up to £40 billion. [Rishi Sunak](https://www.channelnewsasia.com/world/rishi-sunak-uk-pm-indians-pin-hopes-deepavali-3022746) will become [Britain's next prime minister](https://www.channelnewsasia.com/world/rishi-sunak-confirms-standing-uk-prime-minister-3021616) after he won the race to lead the Conservative Party on Monday (Oct 24), leaving him with the task of steering a deeply divided country through an [economic downturn](https://www.channelnewsasia.com/world/uk-budget-finance-minister-reverses-tax-plan-rein-energy-subsidy-3011256) set to leave millions of people poorer.

Britain's main equity indexes closed higher on Monday as Rishi Sunak looked set to become the next prime minister after other candidates quit the race, ...

Register now for FREE unlimited access to Reuters.com [(PSON.L)](https://www.reuters.com/companies/PSON.L) climbed 8.7 after the education company said it [was on track](/business/retail-consumer/strong-demand-english-language-learning-keeps-pearson-track-2022-10-24/) to meet its expectations for the year after nine months of strong trading, led by an "outstanding" result in English language learning. [(PRU.L)](https://www.reuters.com/companies/PRU.L) tumbled 9.3 after Chinese President Xi Jinping's newly unveiled leadership team heightened fears that economic growth will be sacrificed for ideology-driven policies. [(.FTSE)](https://www.reuters.com/quote/.FTSE) gained 0.6%, while the domestically focused FTSE 250 index [(.FTMC)](https://www.reuters.com/quote/.FTMC) jumped 0.8%. [rose](/markets/us/sterling-supported-by-expectations-rishi-sunak-will-become-prime-minister-2022-10-24/) in volatile trading, while gilts jumped after Sunak won the race on Monday to lead the Conservative Party, tasked with steering a deeply divided country through an economic downturn that is poised to leave millions of people poorer. Oct 24 (Reuters) - Britain's main equity indexes closed higher on Monday as Rishi Sunak looked set to become the next prime minister after other candidates quit the race, offering investors some relief after a tumultuous few weeks in British politics.

A popular former chancellor of the exchequer under Boris Johnson's premiership, Sunak will be the first nonwhite to take the top job and the youngest prime ...

"In the last five years, we've seen ethnic minority chancellors of the Exchequer, home secretaries, foreign secretaries at a remarkable pace. "Ethnic diversity has become a new normal at the top table of British politics," Katwala acknowledges. At 42, he'll also be the youngest prime minister in more than 200 years. — faces enormous economic challenges. Sunak's rise in British politics has been nothing short of meteoric. Sunak will be the first British Asian to become prime minister and the first nonwhite to take the top job.

LONDON (AP) — Former Treasury chief Rishi Sunak is set to become Britain's next prime minister after winning the Conservative leadership race Monday — and ...

In his Sunday statement, Johnson insisted he was “well placed to deliver a Conservative victory” in the next national election, due by 2024. The Conservative Party turmoil is fueling demands for a national election. The prospect of a return by Johnson had thrown the already divided Conservative Party into further turmoil. But he was far behind Sunak in support, and said he had concluded that “you can’t govern effectively unless you have a united party in Parliament.” Sunak lost out to Truss in the last Conservative election, but his party now appears eager for a safe pair of hands to tackle soaring energy and food prices and a looming recession. Truss executed a series of U-turns and replaced her Treasury chief but faced rebellion from lawmakers in her party that obliterated her authority.

Rishi Sunak, the new British prime minister may be just as ebullient about his former employer in person. But when it comes to his CV, Sunak is strangely shtum.

[[email protected]](mailto:[email protected]) in the first instance. [ 400 people](https://www.nytimes.com/2002/09/25/business/jitters-for-securities-industry-as-goldman-plans-new-job-cuts.html) and there were forecasts that up to [ 20% of its bankers could be cut. For Goldman Sachs, it might therefore be a good thing that he hasn't fully completed his LinkedIn profile. [Aspersions ](https://inews.co.uk/news/politics/rishi-sunak-hedge-funds-financial-career-outside-politics-1766725)have been cast upon what exactly Sunak did at CIFF, where he only had [ C4 partner authorisation ](https://register.fca.org.uk/s/individual?id=003b000000LVKnuAAH)according to his FCA registration. For Rishi, who was reportedly very nice and very hard-working, the turbulence at Goldman may have been a spur to leave banking. Nor does he mention his [ subsequent career](https://www.efinancialcareers.co.uk/news/2022/04/rishi-sunak-pay-banking-hedge-funds) working for hedge fund Children's Investment Fund Foundation (CIFF) or for [Theleme Partners](https://www.thelemepartners.com/images/theleme/thelemepartners_legal_and_compliance.pdf?v=2019-03), an equity investment firm which he apparently founded himself.

In December 2019, nearly 14 million people voted for Boris Johnson to become prime minister of Britain. Last month, 140,000 Tory members voted for Liz Truss ...

He thought both were hopeless: “One of the dominant facts in English life during the past three-quarters of a century has been the decay of ability in the ruling class.” Sunak, the third British prime minister since early September, and the second without a mandate from the voters, will struggle to prove Orwell wrong. To those sensitive to the exquisite vibrations of the British class system, this makes him “new money.” By contrast, Boris Johnson—a scholarship boy at Eton who even got a Conservative donor to pay for the celebratory [barbecue](https://www.standard.co.uk/insider/boris-johnson-carrie-wedding-details-daylesford-house-braai-savannah-miller-b1016110.html) at his third wedding—has always postured as “old money.” [non-dom](https://www.theguardian.com/politics/2022/apr/06/rishi-sunaks-wife-claims-non-domicile-status)”—a foreign national who paid a £30,000 flat fee in lieu of millions of pounds in income tax on earnings outside Britain—nearly sank her husband’s political career. Does he have any idea how to improve either Britain’s terrible productivity figures or his party’s own [terrible poll ratings](https://twitter.com/PME_Politics/status/1584586899200831490?s=20&t=VZfkl5cwIVAPifqznXRtLw)? He wears his [designer ](https://www.standard.co.uk/news/uk/rishi-sunak-budget-photoshoot-slippers-flip-flops-palm-angel-b962640.html) [slides](https://www.standard.co.uk/news/uk/rishi-sunak-budget-photoshoot-slippers-flip-flops-palm-angel-b962640.html) with white socks. “England was ruled by an aristocracy constantly recruited from parvenus,” George Orwell wrote in The Lion and the Unicorn, of the first half of the 20th century. And the third was Boris Johnson—yes, that Boris Johnson, of the haystack hair and grudge against monogamy, a man whom many of these same MPs had declared to be unfit for office only three months previously. The breakout star of the last leadership election was Kemi Badenoch, who lived in Nigeria until she was 16. Having settled in Southampton, an unremarkable port city in southern England, his mother became a pharmacist and his father a family doctor. Let me be clear about how cringe he can be: The 42-year-old once told a pair of schoolboys that he was a “ By insisting that any potential candidate had to be nominated by 100 of their 356 colleagues, the Tories’ “ At the time, the Conservatives were failing to attract nonwhite voters whose attitudes and circumstances should have made them natural Tories.

Some said on social media that Sunak becoming prime minister this year would be even more special as India recently celebrated 75 years of its independence ...

Rishi Sunak is actually the fifth British Asian cabinet minister in history, and there wasn't one until 2010." "I grew up in the 80s and 90s, and I could not even imagine a non-white prime minister in my lifetime," he said. "Rishi Sunak took oath as an MP on (Hindu holy book) Bhagavad Gita. 11 Downing Street - the finance minister's official residence - to mark the occasion. Sunak's expected rise to the premiership had already made it to the front pages of most Indian newspapers - alongside the Indian cricket team's win over arch-rivals Pakistan in a T20 World Cup match late on Sunday. Former British Chancellor of the Exchequer, or finance minister, Sunak, 42, is known to celebrate the festival of lights. Truss [quit after a month and a half](//www.channelnewsasia.com/world/liz-truss-resign-uk-prime-minister-6-weeks-after-taking-office-3017601) as her support evaporated and Sunak was poised to formally take over as prime minister later on Monday or Tuesday. "I always just saw it as a white country and we'd come in as children of immigrants ... Advertisement "It's a new normal at the top of British politics and partly because of the chaos of politics at the moment," he said.

Plus Chinese markets react to a stronger Xi Jinping and young Chinese pursue quiet dissent.

[You can find all our puzzles here](https://www.nytimes.com/crosswords). [my colleague Li Yuan writes](https://www.nytimes.com/2022/10/24/business/xi-jinping-protests.html). [niku udon](https://cooking.nytimes.com/recipes/1023569-niku-udon-japanese-beef-noodle-soup), a Japanese beef noodle soup. Britain is also reeling from the self-inflicted [damage of Brexit](https://www.nytimes.com/live/2022/10/24/world/uk-prime-minister/how-the-tumultuous-forces-of-brexit-divided-the-conservative-party?smid=url-share) and of Truss, whose free-market economic agenda, featuring sweeping tax cuts, upended markets and sunk the pound. The tactic has historical precedent, he says: Even though paintings are hardly responsible for the climate crisis, the point is to “create enough disorder to make it impossible to ignore the ongoing climate breakdown.” The attacks on art, intended to draw attention to climate change, have drawn widespread reaction online. to campaign against the war in Vietnam. Their constituents also lagged behind in income and education. He’s being called the “Bridge Man,” The data, released yesterday, was stronger than expected but still fell short of Beijing’s target of 5.5 percent for this year. Some Tories view Sunak as Boris Johnson’s political assassin — his resignation from Johnson’s cabinet in July led to his boss’s fall and Britain’s political upheaval. Sunak, 42, prevailed in a chaotic Conservative Party leadership race yesterday after Penny Mordaunt, his remaining rival, withdrew.

Rishi Sunak is set to become the fifth prime minister in just over six years at a time of economic gloom.

And this for a party blamed by many for what's happened in the last few months, and one that is currently languishing in a desperate spot in the opinion polls. And then it'll be time to shape a government in his own image, while seeking to address the criticism levelled by many at Ms Truss for building an administration that froze out almost all supporters of Mr Sunak. It's the moment when all new prime ministers talk to the country and talk to the archive - the moment that will get played back weeks, months or years later when they leave and will be used to benchmark a point in history, if they're lucky. And one of the many oddities of the last few weeks was a leadership race done at breakneck speed - start to finish in four days - in which we didn't hear a thing in public from two of the three wannabes. And Mr Sunak said no more than the contents of a social media post saying he was in the running. Leading a fractious party, at a time of economic gloom, a war in Europe and without a mandate to call their own from the electorate.

The first 100 days of Rishi Sunak's Britain. New UK Prime Minister Rishi Sunak Takes Office. New Conservative Party leader and ...

“The prime minister and chancellor will spend a lot of time thinking about how they replace that scheme. By the time Sunak’s first 100 days are up, there will be pressure on the government to explain how it will support people with their energy bills past the spring if wholesale gas prices haven't drastically fallen. There is also the risk that Sunak himself will be dragged into the probe, given he too was fined over the Partygate scandal. That would likely be the first by-election in a Tory-held seat fought with Sunak as party leader. For Sunak it would represent both a concrete foreign policy achievement and an indication that the U.K. His task now will be to reassure people that the government will support them during another difficult economic period — only this time he is in a much tougher position. Both China and Taiwan have applied to join the CPTPP. Prime ministers tend to think of their first 100 days as a way to set the tone for their premierships. Sunak made combating inflation and keeping mortgages low a central theme of his leadership campaign over the summer. The first big political test for Sunak will be his Cabinet reshuffle. On Monday, Sunak told MPs he was ready to hit the ground running as he addressed them for the first time since becoming Tory leader. He is also likely to hand a big job to his leadership rival Penny Mordaunt.

Sunak's chief political enemies, Boris Johnson and Liz Truss, are defeated and unlikely to return. Senior Tories from across the party are uniting behind him.

Inside the opposition leader’s office, Sunak is widely thought to be beatable — and one Labour adviser’s verdict was succinct. books — likely through tax hikes and spending cuts — at a time the National Health Service and other parts of the state are already under immense strain. “Frankly, it’s quite obvious that what Rishi was warning of in the summer has come to pass, and hopefully he’s now in a position to rectify it,” said Andrew Bowie, a Conservative MP who was one of Sunak’s early backers. More broadly, he must seek to balance the U.K. We’d rather that we weren’t in the position we are in.” As the summer progressed — despite opinion polls showing his message was not landing well with the Tory grassroots — he began warning Truss’ economic ideas could cause an “inflationary spiral” likely to push up interest rates. We are not like ‘we told you so.’ We just have a big challenge, and we have got to fix it. “It’s not gloating,” one Tory activist insisted. Truss sent the pound crashing to record lows against the dollar while government borrowing costs surged. “We are relieved, overwhelmed, and very privileged — and determined to make it work. The markets are slowly releasing their grip on Britain’s throat. Senior Tories from across the party are uniting behind him.

LONDON - Britain's next Prime Minister Rishi Sunak has said little publicly about how he intends to run Britain and how he will address multiple economic ...

Mr Sunak will face pressure to get a deal that rewrites parts of the initial exit agreement without conceding to a lasting EU say over trade between Britain and Northern Ireland. The Bill, currently in Parliament, has been heavily criticised by the EU. In the summer leadership contest, he said he was proud to come from a family of immigrants but he believed Britain must control its borders, and would retain a plan to deport asylum seekers to Rwanda. During the summer leadership campaign, he criticised Ms Truss’ tax-cutting agenda, saying he would instead only cut taxes once inflation had been brought under control. A fiscal statement addressing this is due on Oct 31. Mr Sunak supported Brexit in the 2016 referendum but is still seen by some on the right of the party as too sympathetic to the EU.

Political dramas in China and the UK don't get the same reviews from investors. Plus, how a key Asian emerging market is coping with the relentless ...

The U.K.'s new prime minister and his wife, the daughter of an Indian tech billionaire, have a collective net worth higher than the personal fortune of King ...

[she confirmed in April](https://www.bbc.com/news/uk-politics-61027058) that she had “non-domicile” status in the U.K.—allowing her to avoid dividend and capital gains taxes in Britain. Born in Southampton to parents of Indian descent who emigrated from East Africa, Sunak attended the exclusive Winchester College boarding school and waited tables at an Indian restaurant during summer breaks. Through a spokeswoman, Murthy told the BBC that she paid about $34,000 a year to maintain that status, a fee charged if a person has lived in the U.K. Murthy is also a director at and owns a small stake in boutique gym chain Digme Fitness, which was hard-hit by the Covid-19 pandemic and was Altogether, Forbes estimates Sunak and his wife Murthy are worth roughly $810 million—more than a quarter of a billion dollars richer than the [$500 million personal fortune of King Charles III](https://www.forbes.com/sites/giacomotognini/2022/09/15/how-rich-is-king-charles-iii-inside-the-new-monarchs-outrageous-fortune/). Murthy’s firm was also [reportedly an early investor](https://www.bloomberg.com/news/articles/2022-05-30/rishi-sunak-s-wife-akshata-murty-builds-catamaran-ventures-ties-to-rich-families#xj4y7vzkg) in dara5, a private investment company established by a member of Qatar's ruling family. As an Indian citizen, Murthy is a tax resident of her home country and Murthy drew scrutiny for her tax status earlier this year, when Sunak served as Chancellor of the Exchequer—Britain's finance minister and the No. [contest for leadership of the Conservative Party,](https://www.forbes.com/sites/roberthart/2022/10/24/rishi-sunak-selected-as-britains-next-prime-minister-heres-what-to-know/?sh=35780cd37691) Rishi Sunak is set to become the United Kingdom’s next prime minister. Besides her stake in Infosys, she owns Catamaran Ventures UK, the British branch of her father’s venture capital and private equity firm. [reportedly spending](https://www.standard.co.uk/homesandproperty/celebrity-homes/rishi-sunak-luxury-property-portfolio-b993765.html) $450,000 to install a leisure center with a 40-foot swimming pool, a gym and an outdoor tennis court. Narayana Murthy](https://www.forbes.com/profile/nr-narayana-murthy/), the cofounder and retired chairman of Indian tech giant Infosys, whose net worth is estimated by Forbes at $4.5 billion.

New Tory leader says he will put an end to party's psychodrama and focus on 'policies not personalities'

Sunak told MPs “we’ve got time before the next election” but said this was their last chance. Michael Gove, who made a series of calls to wavering MPs for Sunak over the weekend, is also tipped for a return. The message we heard was about going forward – as a party and a government this is about the future and shaping the future. We will play the hand we have got, but it is not an inevitable threat we face … “The Tories have crowned Rishi Sunak as prime minister without him saying a single word about how he would run the country and without anyone having the chance to vote,” she said. In a remarkably brief statement on his election, Sunak said the country would “face a profound economic challenge … Simon Hoare, a longtime Sunak backer, said: “He said we could not pretend the last few weeks and months had been easy or edifying or helpful. Jeremy Hunt is expected to stay on as chancellor though Sunak has not made a direct commitment. Mordaunt has told allies she is expecting a “big job” – potentially foreign secretary. His victory was assured shortly before 2pm when his only remaining rival, Penny Mordaunt, [narrowly failed](https://www.theguardian.com/politics/2022/oct/24/penny-mordaunt-was-fewer-than-10-mps-shy-of-making-ballot-against-rishi-sunak) to attract the required 100 nominations from Conservative MPs. Others in line for a return to the cabinet include Sunak’s closest ally, Oliver Dowden, the former party chairman, and the former home secretary Suella Braverman, who became an influential Sunak backer over the weekend. His allies briefed he would reach across the party, in stark contrast to the divisive purges of Liz Truss or Boris Johnson.

People across India are celebrating Rishi Sunak, who has embraced his Indian and Hindu heritage, becoming the newest British prime minister.

She has since resigned ( [over another matter](https://www.bbc.com/news/uk-politics-63320750)), and Indian authorities [say](https://www.livemint.com/news/india/india-counters-uk-home-secretary-suella-braverman-claim-on-visa-overstayers-11665131254204.html) they're working with British authorities to "facilitate the return of Indian citizens who have overstayed their visa period." tax on all of her income](https://www.ft.com/content/ed018eb2-3955-4134-a2b0-8dcf727651bd), amid allegations she had taken advantage of a loophole to minimize how much she pays.) chancellor of the exchequer lighting Diwali diyas](https://twitter.com/rishisunak/status/1327553814845677573) – earthen oil lamps – on the steps of his No. [a Diwali deadline for a U.K.-Indian trade deal](https://www.reuters.com/world/britain-still-wants-free-trade-deal-with-india-by-diwali-2022-10-12/). [Video of the then-U.K. Sunak as the prime minister of the U.K. Sunak's face is [splashed across the front pages of Indian newspapers](https://twitter.com/joerwallen/status/1584774108436656129/photo/1) Tuesday, as his ancestral homeland celebrates his achievement – 75 years after Indians cast off British colonial rule. [comments earlier this month ](https://www.telegraphindia.com/world/liz-truss-sacks-suella-braverman-whose-attack-on-indian-visa-overstayers-sank-uk-hopes-of-india-trade-deal/cid/1893165)by Britain's then-home minister, Suella Braverman – who herself is of Indian descent — alleging Indians are the worst overstayers of U.K. (A stakeholder in that company, Akshata Murthy is one of Britain's richest residents, and earlier this year [said she would voluntarily start paying U.K. He's the first Hindu and first person of color to become British prime minister. [In previous interviews with Indian media](https://www.business-standard.com/article/opinion/lunch-with-bs-rishi-sunak-115080601060_1.html), the incoming prime minister recalled how both of his grandfathers were born in Punjab, in British India, and migrated first to Africa, then to Britain in the 1960s. Special Diwali wishes to the 'living bridge' of UK Indians, as we transform our historic ties into a modern partnership.