Rishi Sunak promises to restore UK economic stability
Conservatives see Sunak as a 'pair of safe hands.'
-
Newly-appointed British Prime Minister Rishi Sunak
Rishi Sunak promised the British parliament that his administration will be restoring economic stability after his predecessor's tax plans triggered market turmoil.
Sunak, since taking on his role as PM, ripped up a number of Liz Truss' policies frustrating the country, in addition to reinstating the ban on fracking and putting under review large-scale deregulation policies in the economy, initially part of Truss' plans.
"We will have to take difficult decisions to restore economic stability and confidence," Sunak told the House of Commons. "We will do this in a fair way."
"I will always protect the most vulnerable. We did it in COVID and we will do it again," he said.
Conservatives perceive Sunak as a "safe pair of hands" in hopes that he will bring stability to the economy heading toward an inevitable recession.
Read next: Sunak in a pickle over plan not to attend COP27
The newly-appointed British Prime Minister on Wednesday postponed an eagerly awaited budget plan, which is due next week after a meeting with his cabinet.
His Labour opponent, Keir Starmer, called for an early election, which Sunak ruled out as not due for at least 2 years. Sunak's political campaign promised stability and fiscal rectitude after King Charles III appointed him.
"We will have to take difficult decisions to restore economic stability and confidence," Sunak told MPs recently, also revealing that his Chancellor of the Exchequer Jeremy Hunt would set out a detailed plan "in just a few weeks."
"What I can say, as we did during COVID, we will always protect the most vulnerable, we will do this in a fair way," Sunak insisted.
Jeremy Hunt announced that there will be a full budget statement on November 17 pertaining to the government's tax and spending plans, according to Hunt. "Now, we have a new prime minister and the prospect of much longer-term stability for the economy," he said.
Although Sunak promised to restore "trust" and "integrity" in the government after Liz Truss' resignation, critics are saying he already undermined his vows just by appointing hardline right-winger Suella Braverman as Interior Minister.
