After winning the race to lead the Conservative Party, Rishi Sunak will take over as Britain’s next prime minister. He will be tasked with leading a deeply divided nation through an economic downturn that will make millions of people poorer.
King Charles will invite Mr. Sunak, one of the wealthiest parliamentarians in Westminster and likely to become the nation’s first leader of colour, to form a government in place of Liz Truss, who was only in office for 44 days before resigning.
On hearing that Ms. Mordaunt was leaving, the price of the pound and British government bonds briefly increased, but they quickly dropped back to their former levels. King may accept Truss’ resignation later on Monday or on Tuesday because he was travelling back to London.
Former finance minister Mr. Sunak, 42, takes office as Britain’s third prime minister in less than two months. He is tasked with bringing stability to a nation that has been suffering from years of political and economic unrest.
As the country is being dragged into a recession by the growing cost of food and energy, it is expected that the wealthy former hedge fund manager will enact massive spending cuts in an effort to restore Britain’s economic credibility.
He will also take over an ideologically divided political party, a situation that has hurt the careers of several prior Conservative leaders.