Following the forced resignations of two other prominent Conservatives, Liz Truss, and Boris Johnson, Rishi Sunak has become the third prime minister of the United Kingdom in just 50 days. Sunak has pledged to unify the country, which is currently experiencing a severe economic downturn, in his first hours as prime minister.
I will unite our country, not with words, but with action.
— Rishi Sunak (@RishiSunak) October 25, 2022
I will work day in and day out to deliver for you.
Watch my speech from Downing Street 👇 pic.twitter.com/diOBuwBqXc
The new prime minister now faces the challenge of assisting the United Kingdom in enduring the economic crisis affecting its citizens through rising food and energy prices. According to reports, Sunak, the United Kingdom's first British Asian leader, had already met with King Charles III at Buckingham Palace, who had just accepted Liz Truss' resignation.
Economic Agenda
According to AP News, Sunak acknowledged mistakes made by his predecessor and promised to prioritize "economic stability and confidence" in his agenda. He also stated that he would lead a government of "integrity, professionalism, and accountability" in the face of the "deep economic crisis."
Read Also : The UK Accuses Sony PlayStation Store of Game Overpricing-Leading to Billion-Dollar Class-Action Lawsuit
The new premier's top priorities will be selecting Cabinet members and getting ready for the budget statement, which will outline how the government intends to raise billions of pounds to close a budget gap brought on by skyrocketing inflation, a weak economy, and Truss' unstable economic experiments.
Tech and Crypto Experts Feeling Hopeful
Sunak, a former Treasury chief, is an advocate for increasing productivity and empowering tech companies to improve living conditions for all. BusinessCloud notes that during his time in the Cabinet, crisis management was a defining aspect because the COVID-19 threat of widespread unemployment prompted initiatives like the furlough scheme that went against his fundamental precepts.
As finance minister under Johnson, Sunak declared his desire to turn the UK into a "global hub for crypto." In 2021, Sunak outlined his plan for ensuring that the UK is at the forefront of technological advancement in the financial services industry.
He also suggested looking into the potential role of central bank digital currencies in order to comprehend the numerous opportunities and difficulties they might present.
"So by supporting innovation and technology, while also ensuring continued access to cash, we are making sure we have a sustainable and innovative payments landscape for decades to come," the prime minister said in a 2021 LinkedIn post.
Reports also tell us that the Financial Services and Markets Bill, which is currently making its way through Parliament and is regarded as a global leader in the fight for the regulation of cryptocurrencies and digital assets, was also brought about with Sunak's backing.
According to Private Bank International, some people think the new PM's expertise in financial markets and experience will help the tech sector raise money. Some claim that moving away from political unrest will spur more investments and advancements in technology.
In addition to improving technology, some experts predict that Sunak will help the UK close its digital divide and strengthen its position in the world market.
