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PremiumBritish politician Rishi Sunak was Monday elected Conservative leader and has become the next prime minister, after being invited to form government by King Charles III. Rival Penny Mordaunt failed to secure the necessary 100 nominations from her fellow MPs, following which she backed out on Monday paving the way for Sunak to become the first Indian-origin Prime Minister of United Kingdom.
"Rishi Sunak is therefore elected as leader of the Conservative Party," senior backbencher Graham Brady said, as Mordaunt vowed her "full support" for the former finance minister.
After several weeks of political unrest, British Prime Minister Rishi Sunak will square off with opposition MPs in parliament for the first time on October 26.
Rishi Sunak and US President Joe Biden “reaffirmed the special relationship between our countries, underscoring their desire to further enhance cooperation on issues critical to global security and prosperity," the White House said.
“I will unite our country, not with words, but with action. I will work day in and day out to deliver for you," Rishi Sunak earlier said in his speech.
"The United States and the United Kingdom are the closest of allies," Sunak tweeted. "I look forward to working together with @POTUS to enhance stability across the world and continue our leading role in support of the people of Ukraine."
Ben Wallace was retained as the Defence Minister for Britain. Wallace took to Twitter to say, “It is a privilege to have the opportunity to lead Defence again. I am very grateful to the new Prime Minister for appointing me, and I look forward to working with @RishiSunak to deliver a safe and prosperous United Kingdom. @DefenceHQ"
Grant Shapps, a longtime Johnson loyalist who had briefly replaced Braverman at the interior ministry and backed Sunak in the latest leadership contest, was named business secretary.
Penny Mordaunt, who withdrew from the race Monday after failing to secure enough Tory MPs' support, as Leader of the House of Commons.
The role -- which oversees government business in parliament -- is neither a promotion nor demotion, but may disappoint Mordaunt, who had been tipped for more senior roles such as foreign secretary.
“The Rt Hon Suella Braverman KC MP @SuellaBraverman has been appointed Secretary of State for the Home Department @UKHomeOffice", the 10 Downing Street announced.
“The Rt Hon James Cleverly MP @JamesCleverly has been re-appointed Secretary of State for Foreign, Commonwealth and Development Affairs @FCDOGovUK"
Further Ben Wallace has also been reappointed defence secretary, 10, Downing Street annoounced.
Jeremy Hunt was re-appointed as British finance minister by Rishi Sunak on Tuesday, said the government would work to restore stability, confidence and long-term growth, while acknowledging a tough time lay ahead.
“Honoured to serve our country, and @RishiSunak , as Chancellor of the Exchequer. It is going to be tough. But protecting the vulnerable - and people's jobs, mortgages and bills - will be at the front of our minds as we work to restore stability, confidence and long-term growth."
UK PM Rishi Sunak makes close ally Dominic Raab deputy PM and justice secretary
The pound rose more than one percent against the dollar on Tuesday after Rishi Sunak took office as Britain's prime minister, AFP reports.
The pound was up 1.2% to $1.1411, and up 0.7 percent against the euro to 87.64 pence.
Notably, the cost of government borrowing dropped as ministers appointed by former prime minister Liz Truss resigned en masse.
US President Joe Biden said that he looks forward to continuing the UK-US relationship in supporting Ukraine.
“Congratulations to Rishi Sunak on becoming Prime Minister of the United Kingdom. Together, I look forward to enhancing our cooperation on issues critical to global security and prosperity, including continuing our strong support for Ukraine."
Reports have stated that Alok Sharma has been removed from the UK Cabinet, as Rishi Sunak readies his new government. However, Sharma will continue to remain the President of COP26 and will negotiate on behalf of the UK at COP27
UK's new Prime Minister Rishi Sunak was seen wearing the sacred red Hindu 'Kalawa' thread during his first speech at 10 Downing Street.
Mouli or Kalawa is a cotton red thread roll, considered to be very sacred and used for all religious purposes of the Hindus. The thread is used as an offering of cloth to the deity. The Mouli thread is an integral part of any puja.
UK Prime Minister has confirmed that Jeremy Hunt will be retained as the Finance Minister of his new cabinet.
Jeremy Hunt had been appointed as Finance Minister during Liz Truss' government
Business Secretary Jacob Rees-Mogg and Justice Secretary Brandon Lewis both quit their cabinet roles on Tuesday as Sunak began an overhaul of his top ministerial team.
The president of the European Commission Ursula von der Leyen has also tweeted her congratulations to Rishi Sunak.
“In these testing times for our continent, we count on a strong relationship with the U.K. to defend our common values, in full respect of our agreements," she added.
Ukraine’s president Volodymyr Zelenskiy congratulated Rishi Sunak. The Ukraine President added that he hopes the new UK PM will successfully overcome “all the challenges facing British society and the world today".
"Congratulations to @RishiSunak on taking office as 🇬🇧 Prime Minister! I wish you to successfully overcome all the challenges facing British society and the whole world today. I’m ready to continue strengthening the 🇺🇦-🇬🇧 strategic partnership togeether!
Former British leader Boris Johnson congratulated Rishi Sunak on his appointment as prime minister on Tuesday, urging Conservative Party colleagues to give Sunak their full support.
“Congratulations to @RishiSunak on this historic day, this is the moment for every Conservative to give our new PM their full and wholehearted support." Boris Johnson wrote on Twitter
Rishi Sunak in his first address as Prime Minister of Britain said that he would not 'leave the next generation in debt.
“But you saw me during Covid doing everything I could to protect people and businesses with schemes like furlough. There are always limits more so now than ever. But I promise you this I will bring that same compassion to the challenges we face today."
“The government I lead will not leave the next generation, your children and grandchildren, with a debt to settle that we were too weak to pay ourselves." he added.
“I will unite our country not with words, but with action. I will work day in and day out to deliver for you. This government will have integrity, professionalism, and accountability at every level."
Rishi Sunak says he has accepted an invitation from King Charles III to form new government in his first address as UK Prime Minister.
He further went ahead to say that he will prioritize ‘public needs above politics’.
“Right now, our country is facing a profound economic crisis. The aftermath of Covid still lingers and the war in Ukraine has destablished markets the world over." Sunak added.
He said Liz Truss was right to want to improve growth. That was a “noble aim". He admired her “restlessness".
But mistakes were made, he added.
He says he has been elected PM to “fix" those mistakes.
The British Royal Family's official Twitter account also announced Rishi Sunak as the next Prime Minister of Britain.
“The King received The Rt Hon Rishi Sunak MP at Buckingham Palace today. His Majesty asked him to form a new Administration. Mr. Sunak accepted His Majesty's offer and was appointed Prime Minister and First Lord of the Treasury" the tweet read
Rishi Sunak has become British prime minister after being asked to form a government by King Charles III.
The Kremlin said Tuesday that Moscow believes there is "no hope" of improving diplomatic ties with London after the nomination of Rishi Sunak as British Prime Minister.
"At the moment, we do not see any preconditions, grounds, or hope that in the foreseeable future there will be any positive changes" in the relationship between the United Kingdom and Russia, Kremlin spokesman Dmitry Peskov said during his daily briefing.
Rishi Sunak arrives at Buckingham Palace to meet King Charles III to be anointed Britain's first Indian-origin Prime Minister
Britain's outgoing Prime Minister Liz Truss, in a farewell speech from Downing Street, wished her successor Rishi Sunak "every success" on Tuesday as she extolled some achievements of her time in power.
"We continue to battle through a storm but I believe in Britain, I believe in the British people and I know that brighter days lie ahead," she said, before heading to Buckingham Palace to formally resign.
US President Joe Biden calls UK PM designate Rishi Sunak's election as 'ground breaking'. He also extended Diwali wishes to all Indian Americans.
Akshata Murty, wife of Britain's incoming Prime Minister Rishi Sunak, earned ₹126.61 crore (USD 15.3 million) in dividend income in 2022, from her shareholding in India's second-largest IT firm Infosys.
Murthy, daughter of Infosys co-founder Narayana Murthy, held 3.89 crore shares, or 0.93 per cent, of Infosys at the end of September, according to company filings with the stock exchanges.
Her holding is worth ₹5,956 crore (about USD 721 million) at Tuesday's trading price of ₹1,527.40 on the BSE.
Infosys paid ₹16 per share final dividend for the 2021-22 fiscal on May 31, this year. For the current year, the firm this month announced an interim dividend of ₹16.5, according to the company's stock exchange filings.
The two dividends totaled ₹32.5 per share or ₹126.61 crore for Akshata.
Infosys is among the best dividend-paying companies in India. In 2021, it paid a total of ₹30 per share dividend, which would have given Akshata a total of ₹119.5 crore in that calendar year.
Rishi Sunak did not hold back from embracing his roots when he was appointed finance minister of Britain and took an oath by placing his hands on the Bhagavad Gita. According to Sunak, even though he is currently a British citizen, he practises Hinduism. He says his ethnicity is Indian, both religiously and culturally. He earlier proclaimed his Hindu identity with pride.
“A Hindu Prime Minister is now responsible for advising King Charles on appointments to the Church of England. Britain is dead," said Collin Pruett, Operations Associate at The American Conservative, who thinks “Charles III should depose Parliament. Read more here
Rishi Sunak becoming Britain's next prime minister will help stabilise markets after a period of turmoil, but his new team should ensure it is focused on keeping London competitive as a global financial centre, the CEO of lender HSBC said.
Sunak has said the country faces a "profound economic challenge", after being chosen by the ruling Conservative party to lead the country. He is set to be appointed prime minister by King Charles later on Tuesday.
Sunak will be tasked with rebuilding Britain's financial credibility, after his predecessor Liz Truss triggered a crisis of investor confidence with plans for vast unfunded tax cuts.
"We're very pleased that there has been a decision taken on the UK Prime Minister position, that now allows the markets to stabilise as you can see in the way the markets reacted yesterday, that's positive," HSBC CEO Noel Quinn told Reuters, after the bank posted third quarter earnings.
Immediately after being selected by Tory MPs, he ruled out an early general election and warned his party they had to "unite or die". "UK is a great country but we face a profound economic challenge. We now need stability and unity and I will make it my utmost priority to bring our party and country together as that's the only way we will overcome challenges and build a better future for our children and grandchildren," said Sunak.
Out on Southall High Street, pensioner Asma Choudry said she had been living in Britain for 42 years. "So it’s a long time ... Anything can happen, you know, when you are living in a multicultural society."
“Yeah it’s a proud feeling as an Indian, I like him," said 25-year-old businessman Rishabh Sharma.
Further afield, Sunak's ascent drew admiring comments from across the English Channel - a rare thing since Brexit.
"It’s worth noting Sunak will be the first British prime minister of Asian descent. I find it fascinating that it doesn’t seem to cause any problem in Britain," a senior European diplomat told Reuters. "Let’s imagine the same situation in France or Germany. It’d be much more complicated. I find this remarkable."
In Britain, recognition even reached across political divides. Anas Sarwar, leader of the opposition Labour Party in Scotland, tweeted that it was important to mark the significance of the moment. "It’s not something our grandparents would ever have imagined when they made the UK home," he wrote.
Rishi Trivedi, 50, a chartered accountant and Conservative Party member from West Drayton in west London, said he was "happy beyond belief", though worried that wealthy Sunak might lack the common touch. "He's part of the global elite ... He's not an ordinary person who goes to work and faces the problems which I face."
Jignesh Patel, a 49-year-old mural painter and another Conservative Party member from nearby Hounslow, just saw "a proud moment" and a potential turning point. "As Indians ... we are peaceful people, we come here, we do our job, we pay taxes, we earn money. But we are very far from politics from some reason," he said. "I truly believe the time has come for Indians to be part of politics, no matter the ideology. If we have a problem, we can't just complain. We need to be part of the solution too."
Upon assuming office as prime minister on October 25, Rishi Sunak promises to work hard for Britain, according to his father-in-law Narayana Murthy. The 42-year-old, a devout Hindu with Indian ancestry, will be the UK’s first prime minister of colour and its youngest head of state in modern times. The Infosys founder said, “"We are proud of him and we wish him success. We are confident he will do his best for the people of the United Kingdom. Read more here
A meme fest was sparked on social media, soon after Britain's conservative party leader Rishi Sunak became the first Indian-origin Prime Minister of the United Kingdom on Monday.
Some Twitter users started posting former Indian cricketer Ashish Nehra's picture with congratulatory messages for Sunak on social media as they thought Sunak resembled Nehra.
A sense of normality is creeping back into UK politics after Rishi Sunak’s nomination by the Conservative Party as the next prime minister. But the enormity of the financial task ahead has not diminished. What the government does next on the fiscal front will determine how much higher the Bank of England feels it has to push interest rates — and how much economic pain businesses and consumers face this coming winter.
Sunak’s appointment has been welcomed by financial markets as promising political stability, after Liz Truss’s disastrous dash for growth via unfunded tax cuts trashed the pound and sent government bond yields soaring in the past month.
At the height of the recent crisis, bond investors were set to charge the UK as much as £20 billion extra in annual interest costs.
Yields may still be more than double where they started this year, but Britain no longer looks like a market pariah relative to its US and European peers.
Importantly, with the government no longer playing fast and lose with fiscal policy, traders have scaled back their expectations for how much tightening the UK central bank will feel is needed. (Bloomberg)
Former Karnataka Chief Minister H D Kumaraswamy has congratulated Rishi Sunak. "Hearty congratulations to Sri @RishiSunak, senior Conservative party leader & Britain’s Prime Minister elect. He is connected to our Karnataka. I am overwhelmed with the election of Sri Rishi Sunak, son-in-law of Infosys founder Sri N R Narayanamurthy & Smt Sudha Murty," Kumaraswamy tweeted.
"I am confident that Sri Rishi Sunak will effectively lead Britain & help to bring its economy back on track," he added.
Union Minister for Coal and Mines Pralhad Joshi said, "I feel it is a proud moment because Rishi Sunak hails from India. I wish him every success."
Asian equities fell to new 2-1/2-year lows on Tuesday as early gains inspired by a rally on Wall Street on hopes the Federal Reserve could be nearing the end of aggressive rate increases were offset by weakness in Chinese shares and the yuan.
The U.S. dollar eased against major peers, while the sterling took aim at this month's highs after Rishi Sunak was set to become Britain's next prime minister, seeking to restore stability to a country reeling from years of political and economic turmoil.
Sterling strengthened 0.3% to $1.13170, heading toward the high this month of $1.1493 from Oct. 5. [USD/]
Equities were mixed in Asia, with Japan's advancing 0.7% and South Korea rising 0.3% but Taiwan was down 0.7% and Hong Kong shed 0.6%.
MSCI's broadest index of Asia-Pacific shares lost 0.4% to 428.2 after dipping to 427.4 , the lowest since April 2020.
Bollywood actor Amitabh Bachchan, on Tuesday, lauded Rishi Sunak for becoming the first Indian-origin Prime Minister of the United Kingdom.
The megastar took to his social media and wrote, "Jai Bharat .. now the UK finally has a new viceroy as its Prime Minister from the Mother Country."
Rishi Sunak is expected to keep Jeremy Hunt as Chancellor of the Exchequer as he seeks to calm markets and form a united government when he becomes UK prime minister on Tuesday, Bloomberg has reported.
His challenge is finding a balance between rewarding loyalists who backed his two leadership campaigns this year, while ensuring party unity by including figures from across warring factions. Sunak’s aides held talks Monday about appointments to his first cabinet after the Conservative Party leader promised lawmakers he would lead a “government of all the talents," people familiar with the discussions said. He’s expected to proceed with Hunt’s plans for a fiscal statement, setting out the government’s spending plans on Oct. 31.
"We are proud of him and wish him success," Infosys co-founder Narayana Murthy said in his first comments on the elevation of his son-in-law Rishi Sunak as Britain's prime minister.
Sunak, 42, on Sunday won the race to lead the Conservative Party and is now set to become Britain's first prime minister of Indian origin.
"Congratulations to Rishi. We are proud of him and we wish him success," Murthy said in first first reaction emailed to news agency PTI. "We are confident he will do his best for the people of the United Kingdom."
Rishi Sunak will on Tuesday be installed as Britain's third prime minister this year, replacing the humiliated Liz Truss after just seven weeks and inheriting a daunting array of problems. Sunak became the ruling Conservatives' new leader on Monday after rival contender Penny Mordaunt failed to secure enough nominations from Tory MPs, and Boris Johnson dramatically aborted a comeback bid.
Here is the full schedule:
Rishi Sunak will take power in a morning audience with King Charles III, who is anointing his first prime minister since ascending the throne just two days after his late mother Queen Elizabeth II appointed Truss.
Truss will hold a final cabinet meeting before making a departing statement in Downing Street at around 10:15 am (0915 GMT), with Sunak expected to speak just over an hour later. She leaves office as the shortest-serving premier in history, after a calamitous tax-slashing budget sparked economic and political turmoil.
After delivering the now all-too-familiar new leader's speech from the steps of Number 10 at around 11:35 am, Britain's fifth prime minister in six years will start appointing his top team before facing his first session of "Prime Minister's Questions" in parliament on Wednesday.
Rishi Sunak will on Tuesday be installed as Britain's third prime minister this year, replacing the humiliated Liz Truss after just seven weeks and inheriting a daunting array of problems.
Sunak became the ruling Conservatives' new leader on Monday after rival contender Penny Mordaunt failed to secure enough nominations from Tory MPs, and Boris Johnson dramatically aborted a comeback bid.
The 42-year-old Hindu will be Britain's first prime minister of colour and the youngest in more than two centuries. Sunak will take power in a morning audience with King Charles III, who is anointing his first prime minister since ascending the throne just two days after his late mother Queen Elizabeth II appointed Truss.
The ceremony on September 6 was the last major public act of her record-breaking reign. Truss will hold a final cabinet meeting before making a departing statement in Downing Street at around 10:15 am (0915 GMT), with Sunak expected to speak just over an hour later. She leaves office as the shortest-serving premier in history, after a calamitous tax-slashing budget sparked economic and political turmoil.
Addressing the public on Monday, Sunak promised "stability and unity" as well as bringing "our party and our country together".
Akshata Murty, the Indian wife of Britain's next Prime Minister Rishi Sunak, is fabulously rich thanks to her billionaire father, a fortune that is attracting controversy as ordinary people reel from a cost-of-living crisis. Sunak's father-in-law, N.R. Narayana Murthy, 76, co-founded tech giant Infosys in 1981. The outsourcing behemoth now worth around $75 billion helped drive India's transformation into the "back office of the world." One of only two non-Americans in Fortune magazine's 2012 list of the "12 greatest entrepreneurs of our time", the Infosys chief's life-changing moment came in 1974 when he was locked up for four nights in communist Eastern Europe. Read more here
Chairman of Mahindra Group Anand Mahindra on Monday tweeted on Indian-origin Rishi Sunak being announced as the next UK PM. In a tweet, he put out a quote by Winston Churchill from 1947 on Indian leaders. Anand Mahindra wrote, “In 1947 on the cusp of Indian Independence, Winston Churchill supposedly said …all Indian leaders will be of low calibre & men of straw. Today, during the 75th year of our Independence, we’re poised to see a man of Indian origin anointed as PM of the UK. Life is beautiful…"
After the announcement of Rishi Sunak's victory in the UK's next Prime Minister's race on Monday, Bengalurians termed it a historic moment and a sign of a mature democracy. Karnataka Chief Minister Basavaraj Bommai also congratulated Rishi Sunak on being elected as the Britain Prime Minister. In a tweet, he wrote, “Congratulations to Conservative Party leader Shri Rishi Sunak as being elected Britain’s Prime Minister, the first person of Indian-origin to hold this august office. Best wishes for a successful tenure."
Set to be Britain's first Indian-origin prime minister, Rishi Sunak has recently said that he wants to change the UK-India relationship to make it a more two-way exchange that opens up easy access to UK students and companies in India. In August this year, while addressing a gathering of British Indian Conservative Party members, the the 42-year-old UK-born Indian-origin Tory MP for Richmond in Yorkshire vowed to get the country through the “difficult times" of inflation and build a better, safer Britain. Read more here
