Prime Minister of the United Kingdom Rishi Sunak is tasked with undoing the damage done by Lizz Truss in a matter of days. The falling British economy views Sunak as its saviour. He made history when Conservative Party endorsed his leadership to become Britain’s first non-white, British Asian Prime Minister. At 42, he is also Britain’s youngest Prime Minister in over two hundred years.
Sunak’s selection as the first man of colour to become Prime Minister of the United Kingdom is seen as the Obama movement in the United States when Barack Obama became the first person of colour to become President at the age of 48.
The British economy is in shambles, and at the highest inflation rate of four decades, the pound has plunged dangerously against the US Dollar, and in September 2022, it dipped to the lowest level ever. The food prices in the United Kingdom skyrocketed at the fastest pace in more than forty years, and the cost of living crises has also hit all parts of the country as wages have remained low. The increased interest rates also sparked rage between the public, investment bankers and also among businessmen.
One of the important questions that are coming is how Rishi Sunak will benefit the economy without pushing any extra burden on the general taxes. He recently announced that every person would save at least £200 this winter on energy bills if there is a reduction in Value Added Tax (VAT). The announcement comes as the country is bracing for energy bills to increase if the government doesn’t provide more support.
While Sunak is favouring the general public with his new policies, former Prime Minister Lizz Truss supported the energy companies, adding that the profits should not be considered dirty or evil. Notably, energy companies got massive profits in recent months, despite the soaring prices for the general public.
Rishi Sunak also plans to overturn the mini-budget announced by Liz Truss that destabilized her government. Besides handling the increased energy bills, Sunak has indicated to form policies to bring down the government debt. He is also expected to plug an approximately £40bn hole in the public finances.
Besides this, he also plans to ensure the unity of all four regions of the United Kingdom, such as England, Scotland, Wales and Northern Ireland and fulfil their differing demands by solving the problems that they face.
With the economy being the top priority, Sunak will also work to sort out domestic issues such as low economic growth, spiralling inflation, surging prices, labour shortages, mounting debt and the cost of living. He has also promised many tough economic measures that will be introduced soon. Sunak has assured the people to adopt a compassionate approach.
Prime Minister Rishi Sunak also plans to attract private investments to revive the economy by steadying the pound with more diversified decisions. He also plans to find paths to restore trade relations with Europe.