What a come-back. Just four months after resigning as Chancellor and seven weeks after losing the leadership election to Liz Truss, Rishi Sunak made his first address this afternoon as Britain’s 57th Prime Minister and vowed to “work day in day out to deliver for the British people.”
Speaking at the Conservative HQ in London, the 42 year-old also had a stark warning for his own party: “unite or die.”
Sunak was declared leader early this afternoon, after the only rival left standing, Penny Mordaunt, withdrew from the contest – following Boris Johnson’s exit last night – bringing the snappy five day race to replace Liz Truss to an end.
Mordaunt has since delivered a statement, in which she insisted “Rishi has my full support,” adding, “we all owe it to the country, to each other and to Rishi to unite and work together for the good of the nation. There is much work to be done.”
The former chancellor won the backing of 197 Tory MPs – more than half. Since Mordaunt and Johnson both dropped out of the contest before the 2pm deadline, the final numbers will never be known. Johnson loyalists are still insisting the former PM did secure over 100 backers, meaning he could have made it through to the next stage if he so desired, while some of Mordaunt’s team claim she was backed by 97 Tory MPs – despite only 27 going public with their support. As there are only 357 Tory MPs in total, the figures aren’t quite adding up…
Sunak’s premiership sets a precedent in numerous ways. He will be crowned Britain’s first British Indian – and first Hindu – Prime Minister, securing a victory just in time to celebrate Diwali in Downing Street.
He is also Britain’s first PM to be born in the 1980s, and the youngest since the Napoleonic wars. (See the Hound for more on this). At the risk of making many readers feel their age, Sunak was too young to vote in the 1997 general election.
Yet the youthful PM hasn’t been basking in his own glory this afternoon. Rather, he wasted no time in delivering a serious message: that the country, as a whole, faces “a profound economic challenge.”
Sunak’s warnings during the summer leadership contest that immediate tax cuts would wreak havoc on the markets now feel remarkably prescient. Today, he appeared to echo Jeremy Hunt in replacing Truss’s buzzword “growth” with one of “stability”.
His swift coronation brought some semblance of stability back to the markets: the FTSE 100 ended the day up over 7,000 while the pound closed at 1.13 against the dollar while gilt yields fell back.
Addressing Britain’s economic woes will be the urgent challenge for the new PM, who has already spoken extensively about the need to bring down government debt. Sunak is also being handed the keys to Number 10 at a time when Labour is enjoying at least a 30 point lead in the polls. Unsurprisingly, he has rejected Sir Keir Starmer’s calls for an early election.
While Sunak faces no shortage of pressing tasks, his most immediate one will be choosing his cabinet. Hunt – who has already demonstrated that he is a reassuring presence to the markets and who was quick to endorse Sunak after dropping out of the summer leadership race – is likely to remain as chancellor. Grant Shapps – a key Sunak backer – may stay as Home Secretary too.
Yet Sunak will also be keenly aware of the need to heal divisions amongst Conservative MPs. Unlike Truss, who surrounded herself with ultra-loyalists, he is expected to reach across the party to build a broader cabinet.
Who knows, perhaps he will even spare a position for Truss herself..
The outgoing PM is expected to remain in Downing Street for at least another day. She is expected to make the trip to Buckingham Palace tomorrow to offer her resignation to King Charles lll. In another notch to his belt, Sunak will be the first prime minister invited to form a government by the new king – a task even the monarch may be surprised to perform so swiftly. Although he might be relieved not to have watch the former PM struggle with her curtsies any longer.
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