Rishi Sunak, a former Chancellor of the Exchequer under Boris Johnson, will now lead the Conservative Union Party, after Penny Mordant withdrew from the campaign to succeed Liz Truss this afternoon, and possibly will serve as the next Prime Minister of Britain and the United Kingdom.
Liz Truss won the election that finished on September 5 against Sunak. It is noteworthy that he foresaw the economic havoc that his rival’s budgetary “recipe” would bring about; this fact provided him a boost when she quit a few days ago, only 45 days after taking office.
The 42-year-old ex-finance minister and millionaire ex-stockbroker will face one of the most difficult challenges to restore the nation’s damaged fiscal image with spending cuts as the nation slips into recession as a result of rising energy prices, housing interest rates, and increases in food prices.
In the end, the markets’ initial response to Sunac’s prevalence was favorable, with a significant decrease in the pressure on British securities. Indicatively, the yield on the UK 10-year note decreased by more than 5.2% to 3.8415% after rising beyond 4% in response to the Trudeau government’s contentious economic policies.
At the same time, the Sterling’s slight losses of 0.13% against the US dollar have caused the pair’s price to remain unchanged at 1.1288.