Sunak pledges to clean up Truss' mess as UK PM
STORY: " I have just been to Buckingham Palace and accepted His Majesty the King's invitation to form a government in his name."
Rishi Sunak made his first speech as Britain's prime minister on Tuesday (October 25) - promising to rebuild confidence and lead the country through an economic crisis.
That, after the 44 days of turmoil under the person he replaces, former leader Liz Truss, who resigned after her economic policies - called the "mini budget" - sparked chaos in financial markets.
Speaking outside his new Downing Street residence, Sunak said he was ready for the challenges brought by the premiership, as the UK races towards a recession.
"I want to pay tribute to my predecessor Liz Truss... But some mistakes were made. Not born of ill will or bad intentions. quite the opposite in fact, but mistakes nonetheless and I have been elected as leader of my party and your prime minister, in part, to fix them... I will place economic stability and confidence at the heart of this government's agenda. This will mean difficult decisions to come."
42-year-old Sunak, a former hedge fund boss, has only been in elected politics for seven years.
He'll be tasked with bringing an end to infighting in Westminster - feuding that has horrified investors and alarmed international allies.
"I am not daunted. I know the high office I have accepted and I hope to live up to its demands. But when the opportunity to serve comes along, you cannot question the moment, only your willingness. So I stand here before you ready to lead out our country into the future."
Sunak, one of the richest men in parliament, is expected to slash spending to plug a $45 billion hole in public finances.
That's been created by the economic slowdown, higher borrowing costs and a six-month program of support for people's energy bills.
As the Conservative Party's popularity wanes, Sunak will also face growing appetite for an election.
Especially if he deviates too far from the policy manifesto that saw the Tories elected in 2019, when then leader Boris Johnson pledged to invest heavily in the country.
Economists and investors have claimed Sunak's appointment will calm markets.
But they warn that he has few easy options, when millions are battling the cost of living crunch.
He also vowed to put the public's need above politics.
Reflecting mounting anger at the sense of perma-crisis that has gripped Britain since the 2016 Brexit referendum.
Some ministers from Truss' cabinet have already resigned, including business minister Jacob Rees-Mogg, and justice minister Brandon Lewis - though finance minister Jeremy Hunt will remain in his post.
Britain's youngest prime minister for more than 200 years, and its first leader of color, Sunak has warned his colleagues that they face an "existential crisis" if they do not help to steer the country through surging inflation - and the record energy bills forcing many to cut back on spending.
