Rishi Sunak, the recently elected prime minister of Britain, was chosen on Monday, 24th October to lead the country's dominant Conservative Party. He is the first Indian to hold the office of British Prime Minister. He also made his first speech as prime minister to the nation after taking the oath. Sunak's appointment as PM had a favourable effect on the British pound and stock market. The British pound surged compared to the US dollar. On Tuesday, the currency increased 1.18 per cent to 1.1456 against the US dollar.
Within an hour of his meeting with King Charles III, the new UK Prime Minister Rishi Sunak fulfilled his vow that "work will begin immediately." Several of Liz Truss's team of ministers were asked to quit before the announcement of his new cabinet. By nightfall, Dominic Raab had been chosen deputy prime minister and Jeremy Hunt had been designated, finance minister. Four ministers have received resignation requests so far. They include Development Minister Vicky Ford, Justice Secretary Brandon Lewis, Work and Pensions Secretary Chloe Smith, and Business Secretary Jacob Rees-Mogg, according to reports. The position of Defense Secretary for the United Kingdom has been renewed for Ben Wallace.
The Minister also announced Suella Braverman as the Home Department's Secretary of State. In his inaugural speech as prime minister, Mr Sunak promised that "economic stability and competence" would be the top priorities for his administration."Trust is earned, and I will win your trust," he declared, describing his election as a move to correct the "mistakes" made in past. Mr Sunak said that his administration will fulfil its commitment to a stronger NHS (National Healthcare system), better schools, safer streets, support for the armed services, levelling up, and job creation. He stated that it will have "ethics, professionalism, and responsibility at every level."
In the UK, the economy is now going through a severe decline and is about to enter a recession. For appearing to do nothing to rectify the situation, the Conservative party has come under pressure and this is a time for it to stand up and deliver.
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