Rishi Sunak will become the United Kingdom’s new prime minister after winning the rulng Conservative Party’s leadership contest, which was triggered by the resignation of Liz Truss last week.
Rishi Sunak to save the United Kingdom from financial disaster
Sunak’s win on Monday, 24 October 2022, came days after Truss’ resignation following the havoc that her failed tax cut ideas and policy u-turns caused in the markets. The Bank of England made a rare intervention in response to the unexpected economic crisis.
In his first address since becoming the prime minister, Sunak warned that Britain has significant economic challenges and requires stability and unity. Sunak has now been tasked with the onerous duty of guiding a divided nation through a financial crisis that will make millions of people poorer.
Five things to know about the new prime minister
In light of the next chapter of British politics, here are five facts you need to know about the new prime minister.
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Rishi is of South Asian heritage
Rishi Sunak was born on 12 May 1980 in Southampton, England. Sunak was born into an immigrant household and is the eldest of three children. His mother and father were born in Tanzania and Kenya, respectively, Britannica reports.
His new role makes him the first Prime Minister from an ethnic minority and the first practising Hindu. He first took the Oath of Allegiance on the Bhagavad Gita, the most revered Hindu text.
He attended both the University of Oxford and Stanford University
After attending one of the most prominent public universities in the world, Winchester College, Sunak continued his education by studying Philosophy, Politics, and Economics at Lincoln College in Oxford.
Moreover, he was chosen as a Fulbright Scholar at Stanford University in the United States after completing his studies. This distinguished him as an up-and-coming international student, and he graduated from the university with an MBA.
He co-founded an investment banking firm
Between 2001 and 2004, Sunak worked as an analyst for the investment banking company Goldman Sachs before entering politics. A business career that lasted for more than 10 years began with this. He co-founded Theleme Partners, a hedge fund company, in 2009.
Rishi is richer than King Charles III
Sunak met Akshata Murty at Stanford University, the woman who would become his wife. She is a famed fashion designer in her own right and the daughter of NR Narayana Murthy, the sixth-richest person in India. They are among the wealthiest people in the UK, with a combined net worth of an estimated £730 million (est. R15 billion).
Meanwhile, Charles has a net worth of around £388 million (est. R8 billion).
He has been a member of parliament for seven years
Sunak was initially elected as an MP in 2015, representing Richmond in North Yorkshire. He advanced fast, becoming finance minister under Boris Johnson in February 2020.
