Rishi Sunak emerges favourite to be the next UK Prime Minister
As UK Prime Minister Liz Truss announces her resignation in the aftermath of her failed tax-cut scheme, the world is waiting to see who will take over the Conservative Party.
Though numerous candidates have been floated, including former Prime Minister Boris Johnson, the former chancellor, Rishi Sunak, appears to be the favourite. If elected, Sunak will be the first Indian-origin person to serve as Prime Minister of the United Kingdom.
Sunak, who was defeated by Truss in the recent presidential election six weeks ago, had stated that he would not lower taxes until inflation was under control. But was outpaced by Truss and her huge tax cut package.
However, his positions are now being considered as “prophetic” when his economic policy predictions come true. Sunak had previously warned that Truss’ unfunded tax cuts may have destabilised the market. As he anticipated, currency and bond traders caused bond rates to rise and the pound to fall to a record low against the dollar.
He also has the highest ratings right now, according to a recent YouGov survey, with an overall net favorability rating of 18. Many former Prime Minister Boris Johnson’s supporters want the party to bring Sunak back.
“He has the strategy and credibility to restore financial stability, help bring inflation down, and achieve long-term tax reduction; and unify the Conservatives by bringing the greatest talent into government to deliver for the British people,” former Deputy Prime Minister Dominic Raab tweeted.
Despite being the minister that led Britain through the COVID epidemic, Sunak remains divisive, with many seeing him as a “traitor who knifed Boris Johnson.”
Earlier sources stated that Johnson instructed his friends to endorse “anyone besides Rishi Sunak” during the campaign for PM, which saw Truss emerge as the winner. Reason: Sunak’s sudden decision to leave in July led to Johnson’s hesitant resignation.
Sunak was also embroiled in controversy after it was revealed that his wife, Akshata Murty, the daughter of Infosys founder Narayana Murthy, did not pay tax on money earned outside of India. She claims ‘non-dom’ status and does not pay tax on money earned outside the United Kingdom.
Penny Mordaunt, the Leader of the House of Commons, is also in the race. Six weeks earlier, she finished third in the last leadership contest. She is a popular personality among the Conservative grassroots and was a vocal advocate of Brexit. According to CNN, she is likely to do well among the party’s membership, in part because of her military credentials.
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