Rishi Sunak warned the U.K. faces a ¡°profound economic challenge¡± as he prepares to take power after emerging victorious in the race to succeed Liz Truss as prime minister.
In a short address just hours after Penny Mordaunt pulled out of the race for No. 10 Downing St., the former Chancellor of the Exchequer, 42, vowed to make it his ¡°utmost priority¡± to unite both the nation and his warring Conservative Party. ¡°I will work day in and day out to deliver for the British people,¡± he said.
Sunak faces a formidable challenge to steady the U.K. economy in the face of headwinds including double-digit inflation, rising interest rates and a surge in mortgage costs. After Truss¡¯ disastrous 7 weeks in power left the Tories languishing in opinion polls, he also has a tricky task to unite the different Tory factions, with many of the party¡¯s Members of Parliament blaming him for the downfall of Truss¡¯ predecessor, Boris Johnson, earlier in the year.
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