“I’m confident we can fix the economy”

“We face many challenges as a country, but I am confident in our ability to reform the economy,” Sunak told reporters.

“The finance minister has already said that, of course, tough decisions will have to be made and I will sit down and work with him to resolve them. We need to do these things so that we can get our fundraising and debt back on a sustainable path.”

He will now have to find deep spending cuts to plug an estimated 40 billion pounds ($45 billion) gap in public finances due to rising borrowing costs and an expensive six-month billing support programme.

With his party’s popularity waning, Sunak will also face growing calls for an election if he strays too far from the policy manifesto chosen by the Conservative Party in 2019, when then-leader Boris Johnson pledged to invest heavily in the country.

Economists and investors have said Sunak’s appointment will calm markets, but they caution he has few easy options at a time when millions grapple with the cost of living crisis.

The new Prime Minister of the United Kingdom, Rishi Sunak is preparing to take office: His first goal is to tackle the economic crisishttps://t.co/pWbk1MmnMi pic.twitter.com/I66n7uN5ls

– Missiononline.net (@missiononline) October 25 2022