The British Conservative Party announced today, Monday, that former Chancellor of the Exchequer Rishi Sunak won the party leadership and prime minister, amid deep division as a result of an economic recession that could cause the impoverishment of millions.
Sunak, 42, is one of Westminster's wealthy politicians, and King Charles will ask him to form a government to replace former Prime Minister Liz Terrace, who lasted 44 days before she resigned.
Sunak leads Britain in its worst economic conditions;
Inflation levels are the highest in 40 years, rather than the economic stagnation that is expected to exacerbate the poverty of millions.
The British pound and British government bond prices jumped briefly following the news of Mordaunt's withdrawal, but soon returned to their previous levels.
It is the responsibility of Sunak, a former finance minister who will be Britain's third prime minister in less than two months, to restore stability to a country that has been plagued by years of political and economic turmoil.
Spending Cut Measures
The new prime minister is expected to launch significant spending cuts to try to rebuild Britain's financial reputation as the country slides into a recession due to the rising cost of energy and food.
Britain has been in an ongoing crisis since it voted in 2016 to leave the European Union, unleashing a battle between politicians over the country's future that remains unresolved today.
Sunak said - in his first statement after being chosen for his new position - that the United Kingdom is facing a deep economic crisis that needs unity and cooperation.
Sunak drew attention to him when he became - at the age of 39 - Minister of Finance in the "Johnson government", with Britain exposed to the Corona pandemic, thanks to his development of the temporary leave program, which achieved success, as he showed skill and managed the United Kingdom treasury well.
The former Goldman Sachs analyst will be Britain's first Indian prime minister, as the Sunak family immigrated to Britain in the 1960s, a period when many from former British colonies moved to the country to help rebuild after World War II.
After graduating from Oxford, he attended Stanford University, where he met his wife Akshata Murthy, daughter of Indian billionaire N.R Narayana Murthy, founder of business consultancy giant Infosys Ltd.