LONDON: Rishi Sunak will become British Prime Minister after other candidates quit race to lead Conservative Party, leaving him with task of steering a deeply divided country through an economic downturn set to leave millions of people poorer.

Sunak, one of wealthiest politicians in Westminster will be asked to form a government by King Charles, replacing Liz Truss, outgoing leader who only lasted 44 days in job. He defeated centrist politician Penny Mordaunt who failed to get enough backing from lawmakers to enter ballot, while his rival, former Prime Minister Boris Johnson withdrew from contest saying he could no longer unite party.

“This decision is an historic one and shows, once again, diversity and talent of our party. Rishi has my full support,” Mordaunt said in a statement as she withdrew from race just minutes before winner was due to be announced. Pound and British government bond prices jumped briefly on news of Mordaunt s withdrawal, but soon returned to their previous levels. Sunak 42-year-old former finance minister, becomes Britain s third Prime Minister in less than two months, tasked with restoring stability to a country reeling from years of political and economic turmoil. Multi-millionaire former hedge fund boss would be expected to launch deep spending cuts to try to rebuild Britain s fiscal reputation, just as country slides into a recession, dragged down by surging cost of energy and food.

Published in The Daily National Courier, October, 25 2022

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.