Rishi Sunak on Tuesday became Britain’s third prime minister in the space of two months and issued a bleak warning on the steps of Downing Street: “Our country is facing a profound economic crisis.”
Sunak, who was invited to form a government by King Charles on Tuesday morning, said he would prioritise “economic stability and confidence” but said: “This will mean difficult decisions to come.”
The former chancellor arrived in Downing Street after several months of turmoil. Boris Johnson resigned in July following a series of scandals while Liz Truss, who became prime minister on September 5, quit after her economic policy had to be unwound after it sent markets into a tailspin.
Sunak said Truss had made mistakes and he was standing in Downing Street “in part, to fix them”. A new fiscal plan is expected next week, which will aim to reassure markets that debt is under control.
Sunak said he would act with “compassion” but that he would not let future…