Former finance minister Rishi Sunak, who lost the race to replace Boris Johnson with Liz Truss in September of this year, is set to become the next Prime Minister after his rival Penny Mordaunt failed to secure the support of 100 MPs, a requirement for entering the race, and dropped out.
Now, King Charles will ask Sunak, one of Westminster’s wealthiest politicians, to form a government. Former Goldman Sachs analyst to become the first British prime minister of Indian descent. As the Hindu descendant of immigrants from Britain’s old empire in India and East Africa, Sunak’s ascension to the position of prime minister is a momentous occasion, as he will lead the fifth largest economy in the world.
In 2015, he was elected to represent the Richmond (Yorkshire) constituency. He takes his oath of office as a member of Congress on the Bhagavad Gita. Prior to entering politics, Rishi Sunak worked as an analyst for the investment firm Goldman Sachs. Sunak then became a partner at the Children’s Investment (TCI) Fund, a hedge fund.
The 42-year-old has held numerous positions in the government to date. In 2018-19, he served as the Junior Minister for Local Government. He then became the Treasury’s chief secretary in 2019-20. Sunak subsequently became chancellor of the exchequer in the fiscal year 2020-22.
Sunak rose to national prominence when he became Johnson’s finance minister just as the COVID-19 pandemic struck Britain. During 18 months of Covid lockdowns, he was praised for swiftly instituting ‘furlough’ support schemes worth billions of pounds to preserve jobs and businesses.