Rishi Sunak

Britain's former finance minister made it to the final round in the race to succeed Boris Johnson before losing to Liz Truss in September.

And some critics, like former Conservative Party leader [Iain Duncan Smith](https://www.telegraph.co.uk/politics/2022/07/17/sir-ian-duncan-smith-rishi-sunak-blame-high-inflation/), have noted that the U.K.’s record-high levels of inflation began during Sunak’s time as chancellor. Like his boss, Sunak was [fined by London’s Metropolitan Police](https://www.washingtonpost.com/world/2022/04/12/partygate-fines-downing-street/?itid=lk_inline_manual_14&itid=lk_inline_manual_21&itid=lk_inline_manual_43&itid=lk_inline_manual_37) while in office for attending gatherings at 10 Downing Street while Britons were under severe government-imposed [coronavirus](https://www.washingtonpost.com/coronavirus/?itid=lk_inline_manual_43&itid=lk_inline_manual_37) lockdown restrictions. One of the wealthiest British politicians, he is married to the Indian tech heiress Akshata Murthy, whose tax status caused Sunak some political A relative unknown before his promotion in 2020 to be Johnson’s finance minister, Sunak has since developed a reputation for attention to fiscal detail and taking a pragmatic approach to managing the country’s finances, an image he established by steering the country through the economic chaos unleashed by the coronavirus pandemic. That person, for me, is Rishi Sunak,” she wrote in the Sunak loyalists also pointed out that during the leadership contest against Truss this summer, his candidacy received the most support from his parliamentary colleagues. Sunday’s announcement made Sunak the first — and, so far, the only — formally declared candidate to have collected the 100 nominations from fellow lawmakers required by 2 p.m. It is the second time in less than four months that Sunak, 42, has vied for the role. In a He was born in Southampton, England, to parents of Indian origin who emigrated from East Africa. If ultimately victorious, Sunak would become the country’s first prime minister of A fast-paced leadership contest in Britain is an unpredictable sport.

More than 150 Conservative MPs came to view Rishi Sunak as their saviour from the threatened return of a scandal-mired Boris Johnson. But when Sunak was at ...

A broad spectrum of MPs have come out for Sunak, from Suella Braverman and Steve Baker on the right to Bob Neill and Stephen Hammond from the centrist wing, and he will have made many promises in order to extract such support, from Eurosceptics in particular. But if he finds himself as prime minister, possibly as soon as Monday, Sunak will have to find depths of political creativity and diplomacy to deal with a nightmare in-tray. Fast-forward just a few months and Sunak finds himself now cast in the role of Tory messiah by some of his colleagues.

The BBC's tally of public declarations of support currently estimated 144 MPs for Sunak, 56 for Boris Johnson and 23 for Penny Mordaunt.

He has stressed on his record as the Chancellor of the Exchequer during the pandemic. Truss was seen as more favourable to traditional voters, while Sunak was often targeted for his personal wealth, with the perception that he was out of touch. The BBC’s tally of public declarations of support currently estimated 144 MPs for Sunak, 56 for Boris Johnson, and 23 for Penny Mordaunt, the Leader of the House of Commons or the lower house. And I need a leader who will put our house in order and apply a steady, careful hand on the tiller. Recently ousted home minister Suella Braverman was quoted by the BBC as saying, “I want a leader of our party and our country to inspire hope for a better future and raise our spirits. If more than one person gets the required support, Conservative MPs will vote and the person with the lowest number of MPs supporting them will be eliminated.

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.

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.

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.

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, ...

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.

Britain's former Chancellor of the Exchequer Rishi Sunak emerged Sunday as the clear front-runner to be the country's next prime minister, ...

ET) on Monday to secure the support of 100 Conservative Party lawmakers to enter the race to become the party – and the country’s – new leader. Mordaunt came third in the last leadership election, narrowly missing out on being put before the members. Mordaunt was the first to declare her candidacy on Friday. “There is a choice to be made. I want to fix our economy, unite our Party and deliver for our country. The party’s parliamentary majority ensures he will also become the country’s next prime minister.

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

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 ...

Sunak could cap a stunning reversal in fortunes by winning the leadership as early as Monday afternoon U.K. time.

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

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MP Christopher Chope says there will be continuing rebellions unless Sunak holds general election if he becomes PM.

It also found she was seen as more trustworthy, “highlighting that she is the only candidate who can unite the country and restore trust in government”, her campaign said. We’re going to have continuing rebellions as we try to change policies.” Christopher Chope, the MP for Christchurch and a supporter of Johnson, warned on Monday that Sunak was seen as having undermined Johnson and Truss, and thus could not expect loyalty from Conservative MPs. “Respect is a mutual thing. “Unlike Boris, who did have a mandate, we now have the prospect of having a Conservative party leader who doesn’t have the mandate from the country and won’t even have a mandate from the membership either.” The former prime minister said he had 100-plus MPs backing him but others were sceptical.

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.

NEW DELHI (Reuters) - Many Indians are delighted at the prospect of Rishi Sunak becoming the first person of Indian origin to become British prime minister ...

"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. Muthukrishnan wrote on Twitter, referring to the founder of Indian software giant Infosys Ltd.

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.

The pound was an outlier among major currencies as most others weakened against the US dollar. It rose as far as US$1.1402 in Asian trading before paring gains ...

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

The former chancellor is the firm favourite to replace outgoing leader Liz Truss after weeks of turmoil.

Britain is selecting its fifth prime minister in six years. Four British leaders have resigned since the 2016 vote to leave the European Union.

11 Downing Street – the office and home of the Chancellor of the Exchequer – when finance minister was one of the proudest moments of his career. Truss was the fourth British prime minister to resign since the country's 2016 vote to leave the European Union. Sunak is a former banker and served as Chancellor of the Exchequer – finance minister – in Boris Johnson's government. [Johnson pulled out of the contest to replace Truss](https://www.usatoday.com/story/news/world/2022/10/23/boris-johnson-uk-prime-minister/10584721002/) late Sunday, after signaling for several days that he was mounting a dramatic return to Downing Street after his own resignation in July. He is Britain's first Hindu prime minister, and the country's first leader of color. British voters elect a party, not a specific leader, meaning the ruling party has latitude to change a prime minister without calling an election.

Former chancellor has previously said his faith gives him strength and purpose and is part of who he is.

They migrated to the UK in the 1960s. “But in other ways it is unremarkable, little commented on, and that is one of the great things about the United Kingdom – that we are able to get along. But Tariq Modood, professor of sociology, politics and public policy at the University of Bristol, said: “Whatever his political views, Sunak becoming prime minister is a historic moment for multiculturalism and racial equality. But the majority of ethnic minorities continue to vote Labour. It was one of my proudest moments of the job that I had for the last two years,” It celebrates new beginnings and the triumph of good over evil and light over darkness.

He will be asked to form a government by King Charles, replacing Liz Truss.

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.

His wife, Akshata Murty, is the daughter of a billionaire; their garden parties are one of the hottest tickets in their home town.

Between 2018 and 2019 he served as parliamentary undersecretary of state for local government, before entering cabinet in 2019 as chief secretary to the Treasury. These include a Grade II-listed manor house in the village of Kirby Sigston, near Northallerton, in his Richmond constituency, which was bought for £1.5m in 2015; and a five-bedroom townhouse in South Kensington, London, which records show was last sold for £4.5m in 2010. Murty runs her own fashion label, Akshata Designs, and is also the director of a venture capital firm founded by her father in 2010. He was re-elected in 2019 with a majority of 27,210. Their two children, Krishna and Anoushka, appeared with Sunak on the campaign trail in the leadership contest against Liz Truss during the summer. Sunak was born in Southampton in 1980 to Indian parents who had moved to the UK from east Africa.

Penny Mordaunt, the last rival left after Boris Johnson dramatically pulled out, failed to secure the necessary 100 nominations from her fellow MPs. “Rishi ...

“To have, if we do, a prime minister of Indian origin is a really, really big deal,” he told BBC television shortly before the result was confirmed. In an article in the right-wing Daily Telegraph, she also stressed her commitment to a “lower-tax, high productivity economy”. Mordaunt had insisted she was best placed to take the fight to the opposition Labour party, which is soaring in the polls. “I believe I have much to offer but I am afraid that this is simply not the right time,” he said, while insisting he had secured the 100 nominations needed to progress. She had replaced Johnson in early September following a government revolt led by Sunak over a slew of scandals, most notably the “Partygate” controversy involving Covid lockdown-breaching parties. “Rishi Sunak is therefore elected as leader of the Conservative party,” senior backbencher Graham Brady said, as Mordaunt pledged her “full support” for Sunak.

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

The practice was legal, but it looked bad at a time when Sunak was raising taxes for millions of Britons. Sunak was cleared of wrongdoing, but the revelations still hurt. He also faced questions about his finances and those of his wife. Sunak was born in 1980 in Southampton on England's south coast to parents of Indian descent who were both born in East Africa. But Truss quit after a turbulent 45-day term, and Johnson has abandoned a comeback attempt, and Sunak won the race Monday to finally assume the office he missed out on less than two months ago. At 42, he'll also be the youngest prime minister in more than 200 years, a political prodigy whose youthful looks, sharp suits, and smooth, confident manner saw him dubbed "Dishy Rishi" by the British media.

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.

Environmental groups see new PM as welcome relief but restoring climate credentials will be difficult.

Instead he should unleash investment for insulation in the UK.” As climate and cost of living activists occupied parliament, he said he would deliver on net zero carbon emissions, adding his would be an “environmentally focused government”. “Thirdly, he should deliver the agricultural transition as promised in the 2019 manifesto, rewarding farmers handsomely for delivering for nature. “I think his whole approach would be less ideological and he has a great ability to pick up and comprehend complex detail quickly,” the former minister said. He thinks Sunak has listened to his more eco-minded colleagues: “In the hustings in the summer, when there were lots of candidates, we had a conservative environment network hustings for each of them and they all made their environmental pitches. If he becomes prime minister [banks and businesses] will have the certainty that all the environment acts we just passed will go ahead.” Secondly he should scrap proposals for He did, however, vote for more regulation of fracking in 2015. “Very early on Liz Truss launched this attack on nature – we will have to see what Rebecca Pow, a former environment minister who resigned after Partygate, said: “I’ve always known that Rishi completely understands the issue … Spiers hopes a new government could heal relations with green groups: “We need a secretary of state in Defra [the Department for Environment, Food and Rural Affairs] who can demand respect – perhaps George Eustice or Tracey Crouch. But after just over a month of a Liz Truss government, many see a Sunak premiership as a welcome relief.

Yet the past seven years in politics have not been gaffe-free for the former Goldman Sachs banker and ex-chancellor. Taking from the poor to help the rich.

It turned out the red Kia car he filled up with petrol in front of the cameras actually belonged to an employee at the Sainsbury’s service station. Well, not working class,” he said. “I am a Coke addict, I am a total Coke addict,” he said

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.

Penny Mordaunt, the last rival left after Boris Johnson dramatically pulled out, failed to secure the necessary 100 nominations from her fellow MPs. “Rishi ...

we seem to have normalised this,“ he said. “In a sense... “To have, if we do, a prime minister of Indian origin is a really, really big deal,“ he told BBC television shortly before the result was confirmed. In an article in the right-wing Daily Telegraph, she also stressed her commitment to a “lower-tax, high productivity economy”. Mordaunt had insisted she was best placed to take the fight to the opposition Labour party, which is soaring in the polls. “I believe I have much to offer but I am afraid that this is simply not the right time,“ he said, while insisting he had secured the 100 nominations needed to progress.

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.

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

"I grew up in the 80s and 90s, and I could not even imagine a non-white prime minister in my lifetime," he said. Black, white or Asian: if you work for a living, he is not on your side." "He's a multi-millionaire who, as chancellor, cut taxes on bank profits while overseeing the biggest drop in living standards since 1956. Sunak was set to take the top job after his rivals Boris Johnson and Penny Mordaunt withdrew from the race to replace Liz Truss as leader of the Conservative Party. "Rishi Sunak took oath as an MP on (Hindu holy book) Bhagavad Gita. Muthukrishnan wrote on Twitter, referring to the founder of Indian software giant Infosys Ltd.

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.

Sunak is the first person of colour to take the top post. But he faces a host of problems at home, as well as a Conservative Party tearing itself apart.

The party is behaving like one that has only the slimmest of majorities and is on its way out. Sunak’s premiership may well be a case of the band playing on. This issue has weakened the centre left for a couple of decades. But this may only prolong the pain and defer a significant loss of seats whenever the next election arrives. Now such divisions seem to be affecting the right of politics too. How Sunak manages this coming “ [winter of discontent](https://academic.oup.com/liverpool-scholarship-online/book/43198)” will define his premiership. His legitimacy with the electorate is not as strong as it could be given that he is the third Conservative leader and PM since the last election in 2019. The Conservatives are seen as a party of – and for – the wealthy. It has not lived up to the over-inflated expectations of its most ardent boosters. The cost of living and energy crises will be the foremost political and economic challenges, but the B-word (Brexit) still casts a shadow. This will matter for perceptions of the new PM among the wider electorate. Much of the credit can go to David Cameron’s attempts to modernise the Conservative party in the mid-2000s.

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.

King Charles has appointed 42-year-old Sunak after weeks of political turmoil.