Rishi Sunak appointed UK’s PM, vows to fix Truss’ ‘mistakes’

Rishi Sunak has taken office as Britain's third Prime Minister within 50 days, saying he was appointed to fix the errors made by his predecessor, Liz Truss, who was forced to resign after only 44 days in office and causing widespread market turbulence.

The 42-year-old Sunak's leadership was confirmed when he met King Charles III at Buckingham Palace, where he was invited by the monarch to form a government on Monday.

Sunak addressed the nation on Tuesday outside 10 Downing Street, warning about "a profound economic crisis" in the country.

"The aftermath of COVID still lingers, Putin's war in Ukraine has destabilized energy markets and supply chains the world over," he said.

Sunak also criticized her predecessor, saying, "some mistakes were made" that were not "borne of ill will or bad intentions" but were "mistakes nonetheless."

"And I have been elected as leader of my party —your prime minister — in part to fix them, and that work begins immediately," he said.

He vowed to "place economic stability and confidence at the heart of the government's agenda. This will mean difficult decisions to come."

Sunak, a former Chancellor of the Exchequer, was elected party leader by fellow Conservative lawmakers on Monday, just days after Truss resigned from office following the humiliating collapse of her tax cuts plans, which further plunged the country into economic turmoil.

Sunak had lost to Truss in an earlier race to appoint a new leader after the then-Prime Minister Boris Johnson resigned in July.

The new PM is now expected to begin appointing new cabinet figures in another reshuffle at the top of British politics.

SS