Rishi Sunak becomes Prime Minister of the United Kingdom and faces an economic crisis.

LONDON (AP) – On Tuesday, Rishi Sunak became Britain’s third prime minister of the year, and he must now focus on controlling an economic crisis that has placed the country’s finances in jeopardy and millions of Britons struggling to pay their food and electricity bills.

Sunak, the United Kingdom’s first black leader, met with King Charles III at Buckingham Palace, who had recently accepted Liz Truss’ resignation.

Sunak, the youngest British leader in more than 200 years, is anticipated to immediately begin picking Cabinet members and dealing with an economy in crisis. He will be the third Conservative prime minister this year, and he will strive to unify a ruling party that is divided after Truss’ brief, failed reign damaged Britain’s already grim economic picture.

Sunak, speaking outside the prime minister’s mansion, admitted mistakes made by his predecessor and vowed to prioritise “economic stability and confidence” on his agenda.
He promised to head a government of “integrity, professionalism, and responsibility” in the face of the “deep economic crisis.”

Truss resigned seven weeks to the day after being named prime minister, after delivering a public speech outside the prime minister’s office at 10 Downing Street. On Monday, Sunak was chosen to succeed her as head of the ruling Conservative Party.

Truss defended her low-tax economic policy and her limited tenure as prime minister before being driven from the prime minister’s official house for the final time.
“I am more certain than ever that we must be courageous in confronting the difficulties we face,” she added. Despite the market chaos caused by her Sept. 23 budget package, she remained committed to the free-market ideas of “reducing taxes” and “delivering growth.”

Truss wished Sunak success as Britain “fights through a storm.”

Sunak’s key duties will be naming Cabinet ministers and releasing a budget statement outlining how the government wants to repair a budgetary deficit produced by surging inflation and a slow economy, and aggravated by Truss’ disruptive economic experiments.
The announcement, which is expected to include tax rises and expenditure cutbacks, is presently scheduled to be delivered in Parliament on Monday by Treasury Secretary Jeremy Hunt – if Sunak retains his position.

Sunak, who served as Treasury Secretary for two years until July, becomes Prime Minister in a stunning turnaround just weeks after losing to Truss in a Conservative contest to replace former Prime Minister Boris Johnson. In the summer, party members preferred her tax-cutting rhetoric to his concerns about the need to control inflation.

Truss admitted last week that she would be unable to carry out her plans, but only after causing market instability and worsening inflation at a time when millions of Britons were already struggling with increased borrowing costs and energy and food prices.

After months of upheaval under Truss and Johnson, who resigned in July after becoming embroiled in ethical issues, the party is now eager for someone to right the ship.
Sunak was elected Conservative Party leader after becoming the only candidate to get 100 nominations from other legislators to contest in the party election. Sunak beat competitor Penny Mordaunt, who may obtain a place in his ministry, and evicted Johnson, who returned from a Caribbean vacation to garner support for a comeback effort but did not have enough support to run.

Sunak must strive to reconcile a ruling party that has slid into acrimony as its poll numbers have plummeted, in addition to stabilising the UK economy.
Sunak ally Conservative legislator Victoria Atkins predicted the party will “settle down” under Sunak.

“We all recognise that we must now rally around Rishi — and, to be honest, the party has done just that,” she told LBC radio.