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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