Rishi Sunak said “economic stability and capacity” would be at the heart of his government’s agenda.
New UK Prime Minister Rishi Sunak began delivering on his promise “the work will begin immediately” within an hour of meeting King Charles II. A series of members of Liz Truss’ group of ministers have been asked to resign as a precondition for the announcement of his new cabinet. Two important appointments were made in the evening – Dominic Raab as Deputy Prime Minister and Jeremy Hunt as finance minister.
So far four ministers have been asked to resign. Among them are Business Secretary Jacob Rees-Mogg, Justice Secretary Brandon Lewis, Work and Pensions Secretary Chloe Smith and Development Secretary Vicky Ford, the sources said.
Dominic Raab – who served as Deputy Prime Minister to former Prime Minister Boris Johnson – will also hold the portfolio of Secretary of State for Justice.
Rt Hon MP Dominic Raab @DominicRaab has been appointed as Deputy Prime Minister, Prime Minister and Minister of Justice of the State @MoJGovUK. #Reshufflepic.twitter.com/aikeZwQ1rH
– Prime Minister of the United Kingdom (@10DowningStreet) October 25, 2022
Jeremy Hunt – who replaces Kwasi Kwarteng – will continue as finance minister, tweeted about the Prime Minister’s official twitter control.
MP of Rt Hon Jeremy Hunt @Jeremy_Hunt has been reappointed Chancellor of the Exchequer @HMTreasury. #Reshufflepic.twitter.com/Z2RepjNHj2
– Prime Minister of the United Kingdom (@10DowningStreet) October 25, 2022
In his first speech as prime minister, Mr. Sunak promised to put “economic stability and capacity” at the heart of the government’s agenda. “Trust is earned and I will earn yours,” he said, describing his election as a measure to correct the “mistakes” of his predecessors.
His government, Mr Sunak also said, will deliver on its promise of stronger NHS, safer schools, streets, support for the armed forces, upgrades and create jobs. It will have “integrity, professionalism and accountability at every level,” he said.
The UK is currently facing a major economic downturn that is fast approaching a recession. Critics have accused the Conservatives of failing to address the situation.
Last week, Mr. Sunak’s predecessor, Liz Truss, stepped down after her small budget – which included a large portion of unrefundable tax cuts – spooked markets. The turnaround by Jeremy Hunt, whom she appointed after firing Kwasi Kwarteng, failed to reverse the tumultuous economic situation.
Bond yields have spiked and the pound has fallen to a record low in the dollar on worries about spiraling debt. Mr Sunak’s takeover has stabilized the situation to some extent, but Mr Hunt has warned of “difficult decisions” in the coming days.
In today’s speech, Mr. Sunak reiterated the sentiment. But he says it will be tempered with “compassion”.
“You’ve seen me in times of Covid doing everything I can to protect people and businesses with schemes like furlough. There’s always a limit, more than ever. But I promise you this, I’ll bring it back. That compassion comes to the challenges we face today,” he said.
