Rishi Sunak is UK’s next prime minister

Having secured an overwhelming backing of Conservative MPs, former chancellor, Rishi Sunak, has been named as the UK’s next prime minister. He will replace Liz Truss, who resigned last week after a mere 45 days in office.

Welcoming the news, CBI director-general, Tony Danker, said Sunak has a track record of seeing the economy through difficult times and comes in at a time of "great uncertainty with tough choices ahead".

“The new prime minister can lose no time in easing the impact of market turmoil on households and firms, and helping to restore fiscal credibility," he said. “A fiscal plan for the medium-term next week that is both credible and a platform to generate economic growth will be central to achieving that.”

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said Sunak will likely take an even harder line now on government budgets, given the punishment threatened to be handed out again comes in the form of much higher government borrowing costs.

"He will also want to show he is co-operating with the Bank of England by being ultra conservative fiscally in a bid to tame high inflation,” she added.

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Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. For more information click here

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CIR's editor, Deborah Ritchie speaks with Giorgio Baldasarri, global head of the Analytical Innovation & Development Group at S&P Global Market Intelligence; and James McMahon, CEO of The Climate Service, a S&P Global company. April 2023