UK: Rishi Sunak becomes first Indian-origin PM
With the resignation of Liz Truss on Thursday, the economic and political crisis in the UK has deepened. The finance minister of Boris Johnson's previous government, Rishi Sunak, officially announced on Sunday morning that he would run to head the British government, in competition with Penny Mordaunt, former Secretary of State for Defence under Theresa May and current leader of the House of Commons.
Sunak's candidacy on Sunday night won the implicit "endorsement" of her former prime minister, Boris Johnson, who declared that he would not stand to lead the country a second time. "You cannot govern effectively unless you have a united party in Parliament," was the main reason given by Johnson in his statement. Johnson resigned after overcoming a no-confidence motion but that left him in a delicate position to continue governing a country suffering from a serious economic crisis since its exit from the European Union.
At 14:00 local time, nominations for the party's leadership will close. So far, the British local media count estimates a Sunak victory over Mordaunt. To take control of the party, the support of at least 100 of the 357 Tory MPs with seats in the House of Commons is needed. According to data compiled by the BBC, at 11am London time, Sunak had the public support of 178 Tory MPs. This is well ahead of the 26 who have made public their support for Mordaunt.
The vote will then take place from 15:30 local time and the results will be made public at 18:00.
If this estimate holds true, Rishi Sunak would be virtually the next Prime Minister of the United Kingdom, and also the first to come from an ethnic minority in the country. The first thing that stands out about this doctor of economics is his refined manners and manner, neat and polished, in contrast to Boris Johnson's ragged style.
Sunak's grandparents came from the Punjab region of India and emigrated to the UK. Raised in Southampton, he studied at Oxford, before beginning his career in private finance, starting at Goldman Sachs. He entered Parliament in 2015 and from his early days in politics was a Eurosceptic. In 2016, he voted for and campaigned for Brexit.
British media, much of the couple's wealth comes from Murthy's family, which owns the Indian technology and information multinational Infosys.
Challenging leadership
Johnson's announcement was reflected in the value of sterling, which rose 0.15% against the euro and 0.27% against the dollar after Johnson's announcement. Following Truss's resignation on Thursday, the British currency suffered a severe hit to its value. In September, sterling hit its lowest value since 1972 after Johnson's resignation.
Sunak's biggest challenge would be within his own ranks. The "flock in revolt", as Johnson called the Conservative Party, is in a permanent search for the right leader to win re-election at the next election. The party has suffered tremendous instability since 2015 when its leader, David Cameron, waged a harsh crusade against the Eurosceptics in his party, eventually losing the referendum and starting the process of leaving. A process that Theresa May took over, with no sincere success and a divided party.
As of November 2021, the voting intentions collected by Politico polls were in favour of Labour and a growing gap was created between the two main parties in the country. A gap that has been severely accentuated by the arrival of Truss in power. The latest estimate gives a 53% voting intention for Labour against 21% for the Tories.
The scenario is also marked by the UK's important role in the Ukrainian conflict. So far, London has positioned itself as one of Kiev's best allies with substantial economic and military aid. Security and defence analysts point to British intelligence services, along with those of the US, as the ones that provide the most information to the Ukrainian armed forces.