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Rishi Sunak inherits a staggering economy and a shell-shocked and divided party. Will the UK's first British Asian Prime Minister be able to stabilise the country and chart the path forward?

Decoded: Can Rishi Sunak unite a divided United Kingdom?

Rishi Sunak inherits a staggering economy and a shell-shocked and divided party. Will the UK's first British Asian Prime Minister be able to stabilise the country and chart the path forward?

On October 26, Rishi Sunak took over as Prime Minister of the UK, and leader of the Conservative Party. As the first person of colour to hold the post of PM, and the youngest &nbsp;in over 200 years, his rise to the top is noteworthy. It comes on the back of a rocky period of unprecedented tumult in UK politics, as the island nation is reeling from the death of its longest-serving monarch, and the 45-day long Prime Ministership of Liz Truss.
Rishi Sunak inherits a staggering economy and a shell-shocked and divided party, and he now faces the huge task of stabilising both party and country in a time of economic and political turbulence.
Born in 1980 in Southampton to parents of Punjabi descent, Rishi Sunak&rsquo;s rise to the top of British politics has been lightning quick. He became MP for Richmond in North Yorkshire in 2015 and joined Boris Johnson&rsquo;s Cabinet in 2019, as chief treasury to the secretary, working with chancellor Sajid Javid. In 2020, he was appointed Chancellor of the Exchequer, Britain&rsquo;s equivalent of a Finance Minister, and was plunged into pandemic crisis planning and budgeting.
For many, Sunak&rsquo;s performance as chancellor during the pandemic was steady and reassuring, and his personal poll ratings shot up as he unveiled support worth &pound;350 billion.
Also Watch: <a href="https://www.editorji.com/india-news/pm-modi-s-phone-call-with-new-uk-pm-rishi-sunak-watch-what-was-discussed-1666882536372">PM Modi's phone call with new UK PM Rishi Sunak: watch what was discussed</a>
In July this year, Sunak resigned from his post, citing incompatibility with the economic policies of Boris Johnson. His resignation, among others, was crucial in ousting Johnson as PM. A few months later, Sunak has ascended to the post himself.
To many, Sunak&rsquo;s rise to the top as a British Indian person, and a practising Hindu, celebrates the diversity of modern-day Britain. However, others are not as exuberant, pointing to his massive personal wealth, and upper-class upbringing, as major benefactors in his journey.
Rishi Sunak was educated at Winchester College, an exclusive private school, after which he went on to attend Oxford and Stanford Universities. Before entering politics, Sunak worked for the investment bank Goldman Sachs, and then worked for two multibillion dollar hedge funds.
Sunak is married to Akshata Murthy, daughter of billionaire Infosys co-founder Narayan Murthy. Together, he and his wife have an estimated worth of more than &pound;700m, a sum which eclipses the personal wealth of the monarch of the UK, King Charles III.
In April, their finances came under intense scrutiny as reports emerged that Akshata Murty potentially avoided paying up to &pound;20m in UK taxes, by declaring non-domicile status. She owns 0.9% of Infosys, which declared a &pound;11.6bn profit in 2021. After the scandal broke out, she announced that she would start paying UK tax on this income.
The reaction to Sunak&rsquo;s appointment in India has been varied. While many are ecstatic at the prospect of an Indian-origin leader of the UK, others have pointed out that Sunak is a British citizen whose parents, although of Indian descent, hail from Africa.
Also Watch: <a href="https://www.editorji.com/world-news/uk-pm-rishi-sunak-s-response-on-email-scandal-haunting-minister-suella-braverman-1666805015550">UK PM Rishi Sunak's response on email scandal haunting minister Suella Braverman</a>
One of the Sunak government&rsquo;s first priorities in the diplomatic arena will be ongoing talks over a free-trade agreement with India, initiated by then-Prime Minister Boris Johnson. The two countries began negotiations in January, with eyes at a Diwali deadline, which has been missed. The deal is reportedly in advanced stages, with the majority of sections completed, but has been held back in part by the ever-changing political landscape of the UK.
It was also not helped by remarks made by Home Secretary Suella Braverman, who said that Indians are the largest visa overstayers in the UK. Along with reducing or eliminating tariffs, India is also reportedly looking for easier movement of skilled workers in the deal.
A few days after she made the comments, Braverman was forced to resign over a security breach, as she sent an official document from a personal email ID, a move that furthered the instability of the doomed Liz Truss government.
In his new cabinet, Sunak has re-appointed Braverman as Home Secretary, a move which has been widely criticised in the UK as well as India. Many party colleagues have expressed concerns about the appointment, believing it undermines Sunak&rsquo;s promise to restore integrity and professionalism to the government.
The task before Rishi Sunak is enormous. In his first speech as Prime Minister, he called for unity with his words. His actions will chart the path of the United Kingdom in days to come.
&nbsp;

Former UK PM Liz Truss' phone hacked by Russian agents: report

The article did not make clear on what basis Russia was suspected to be behind the alleged attack.

UK opposition politicians called for an investigation Saturday after a newspaper reported that suspected Kremlin agents had hacked ex-Prime Minister Liz Truss's cell phone when she was foreign minister.
In an unconfirmed report, The Mail on Sunday cited unnamed security sources as saying that Truss's personal mobile phone had been hacked "by agents suspected of working for the Kremlin".
They are believed to have gained access to "top-secret exchanges with international partners".
A government spokesperson said: "We do not comment on individuals' security arrangements" but added that there are "robust systems in place to protect against cyber threats".
The hackers also gained access to Truss's conversations with her ally Kwasi Kwarteng criticising then-Prime Minister Boris Johnson, the report claimed.
Labour's Yvette Cooper, who focuses on homeland security, said the report raises "immensely important national security issues" including why and how the information was leaked.
"It is essential that all of these security issues are being investigated and addressed at the very highest level," she said.
Liberal Democrat foreign affairs spokesperson Layla Moran said: "We need an urgent independent investigation to uncover the truth."
The BBC and Sky News said they had not been able to verify the report.
Also Watch| <a href="https://www.editorji.com/world-news/putin-rules-out-using-nukes-didn-t-underestimate-ukraine-s-ability-to-fight-back-1666920751281">Putin rules out using nukes: 'didn't underestimate Ukraine's ability to fight back'</a>
A source told the paper the "compromised" phone has been placed inside a locked safe in a secure government location after up to a year's messages were hacked including "highly sensitive discussions" on the war in Ukraine.
The hacking was discovered in the summer when Truss was foreign minister and campaigning to become party leader and the next prime minister, the paper reported.
It claimed that "details were suppressed" by Johnson when prime minister and Simon Case, his most senior policy adviser.
The reported incident comes after interior minister Suella Braverman was reappointed by Prime Minister Rishi Sunak following her resignation over a security breach, in which she reportedly sent a top-secret document to an MP via her personal email.
The article did not make clear on what basis Russia was suspected to be behind the alleged attack.
But it quoted a security source as saying: "It takes a while to track who is behind attacks like these, but Russia tends to top the list."
Former Tory leader, MP Iain Duncan Smith told the newspaper: "Russia does this all the time."

What changes will the UK’s first Indian-origin Prime Minister, Rishi Sunak, bring to India-UK ties? How does this affect the ongoing FTA negotiations? Can he steady a shell-shocked UK after a tumultuous summer?

The India Story | How will PM Rishi Sunak affect India-UK relations?

What changes will the UK&rsquo;s first Indian-origin Prime Minister, Rishi Sunak, bring to India-UK ties? How does this affect the ongoing FTA negotiations? Can he steady a shell-shocked UK after a tumultuous summer?

Rishi Sunak, the first Indian-origin Prime Minister of the United Kingdom, is also modern England&rsquo;s youngest PM at the age of 42. He inherits a staggering economy and a shell-shocked and divided party, and he now faces the huge task of stabilising both party and country in a time of economic and political turbulence.
Seen as a steady and reassuring hand in his time as Chancellor during the pandemic, how will Rishi Sunak&rsquo;s government steady a rocky ship? How will the new political disposition affect the ongoing India-UK free trade agreement negotiations?
Also Watch: <a href="https://www.editorji.com/editorji-specials/the-india-story/the-india-story-rising-dragon-how-will-india-deal-with-a-resurgent-china-1666365118971">The India Story | &lsquo;Rising Dragon&rsquo;: How will India deal with a resurgent China?</a>
On this week&rsquo;s episode of The India Story, Vikram Chandra discusses the opportunities and risks that lie ahead with Nicholas Nugent, former editor at the BBC, and Andrew Whitehead, UK Journalist.
Watch The India Story with Vikram Chandra, Fridays at 8PM.

The Economist magazine in an October 11 column described Liz Truss as 'The Iceberg Lady' having the 'shelf-life of a lettuce'.

Quixplaned: origin of the viral lettuce jokes after Truss' resignation 

The Economist magazine in an October 11 column described Liz Truss as 'The Iceberg Lady' having the 'shelf-life of a lettuce'.

The news of Liz Truss resigning as UK PM merely 45 days after assuming the post sent shockwaves across the globe.
Soon after she quit, the social media was flooded with several memes, posts and comments.
Dominant among them were the ones comparing Truss' tenure to that of shelf-life of a lettuce, trending with the hashtag #LizVsLettuce.&nbsp;
But where did the comparison come from?&nbsp;
The Economist magazine in an October 11 column titled 'The Iceberg Lady' described Liz Truss as having the 'shelf-life of a lettuce'.&nbsp;
This is the period during which Truss faced severe backlash for low tax cut budget and eventually went on to fire Chancellor Kwasi Kwarteng.
Inspired by the Economist headline, UK tabloid The Daily Star on October 14 set up a live feed on Twitter and put an unrefrigerated lettuce next to a photo of Truss.
On October 20, as soon as Liz Truss resigned The Daily Star declared the lettuce, which did not wilt in its six days in the spotlight, the winner.&nbsp;
Also watch: <a href="https://www.editorji.com/india-news/concerns-over-trade-deal-with-uk-after-liz-truss-exit-india-says-it-s-on-track-1666328854515">Concerns over trade deal with UK after Liz Truss' exit, India says it's 'on track'</a>
'The lettuce outlasted Liz Truss,' The Daily Star said in a Twitter thread.
In the final tweet of the thread, the photo of Truss can be seen face-down on the table with colourful lights.&nbsp;
Liz Truss is shortest serving UK PM in history with a tenure of 45 days.&nbsp;

Boris Johnson is reportedly trying to convince the ruling Conservative party that only he can save the party and prevent its defeat in the next elections due in December 2024.

UK: Boris Johnson telling Rishi Sunak to drop out of PM contest, let him replace Liz Truss, say reports

Boris Johnson is reportedly trying to convince the ruling Conservative party that only he can save the party and prevent its defeat in the next elections due in December 2024.

The contest for becoming the United Kingdom's next Prime Minister is heating up, with former premier Boris Johnson reportedly trying to get back the throne which he lost in July 2022.
Johnson is now pressurising Rishi Sunak to drop out of the race, according to British media reports. Sunak is an Indian-origin politician who had given Liz Truss stiff competition after Boris Johnson resigned.
With Liz Truss having quit as PM after just 45 days, Rishi Sunak is being seen as the frontrunner to replace her. But Boris Johnson is trying to convince the ruling Conservative party that only he can save the party and prevent its defeat in the next elections due in December 2024, as per a report in The Telegraph.
Sunak had served as the Chancellor of the Exchequer under Boris Johnson. Boris' appeal to Rishi Sunak is interesting as Sunak was part of the rebellion which forced Johnson to resign earlier this year.
Boris Johnson was mired in multiple controversies, including allegations of organising illegal parties at his official residence - 10, Downing Street - during Covid lockdowns.
The Conservative party is expected to choose its next leader, who will also be PM, by 28 October 2022.

Suella Braverman has departed as UK Home Secretary: The Guardian

In remarks that will deal a further hit to her boss Liz Truss, she noted that the UK is going through a tumultuous time and she has concerns about the direction of this government.

Suella Braverman has departed as UK home secretary after Prime Minister Liz Truss cleared her diary and called off a planned visit. Braverman was only appointed Home Secretary 43 days ago when British Prime Minister Liz Truss took charge at 10 Downing Street. Her exit followed a face-to-face meeting with Truss earlier on Wednesday and posted her resignation letter on her Twitter handle.
"I have made a mistake; I accept responsibility; I resign," the 42-year-old barrister said.
Braverman said she "sent an official document from my personal email to a trusted parliamentary colleague... as you know, the document was a draft Written Ministerial Statement about migration, due for publication imminently".
"Nevertheless it is right for me to go. As soon as I realised my mistake, I rapidly reported this on official channels, and informed the Cabinet Secretary," she said.
It is another massive blow to the prime minister&rsquo;s authority after she was forced to sack Kwasi Kwarteng and rip up her economic strategy to avoid a markets meltdown.
Also watch: <a href="https://www.editorji.com/india-news/india-asks-its-citizens-in-ukraine-to-leave-at-the-earliest-as-war-escalates-1666234870241">India asks its citizens in Ukraine to 'leave at the earliest' as war escalates</a>
In remarks that will deal a further hit to her boss Liz Truss, she noted that "we are going through a tumultuous time... I have concerns about the direction of this government".
"Not only have we broken key pledges that were promised to our voters, but I have had serious concerns about this government&rsquo;s commitment to honouring manifesto commitments, such as reducing overall migration numbers and stopping illegal migration, particularly the dangerous small boats crossings."
Braverman, the Conservative Party member of Parliament for Fareham in south-east England, served as the Attorney General in the Boris Johnson-led government. She was among the first contenders to throw her hat in the ring to replace Johnson as Tory leader and Prime Minister. She was named as the Home Secretary by Prime Minister Truss.
The mother of two children is the daughter of Hindu Tamil mother Uma and Goan-origin father Christie Fernandes. Her mother migrated to the UK from Mauritius while her father migrated from Kenya in the 1960s.
Braverman is a Buddhist who attends the London Buddhist Centre regularly and took her oath of office in Parliament on the &lsquo;Dhammapada&rsquo; scripture of Lord Buddha&rsquo;s sayings.
Her resignation comes soon after the sacking of Kwasi Kwarteng as chancellor last Friday and the axing of the majority of the government's mini-budget on Monday by his successor, Chancellor Jeremy Hunt.
The move is expected to further shake up Truss&rsquo; embattled leadership.&nbsp;

British Prime Minister Liz Truss took office last month with hopes and promises of reinvigorating the British economy and putting it on the path to long-term success.
It didn't go to plan.

Liz Truss resigns: what next in UK politics?

With British PM Liz Truss's resignation this week, the contest is now open for the Conservative Party to elect a new leader. The party will choose Truss's successor by October 28.

With British PM Liz Truss's resignation this week, the contest is now open for the Conservative Party to elect a new leader. The party will choose Truss's successor on Monday, October 24.

British Prime Minister Liz Truss took office last month with hopes and promises of reinvigorating the British economy and putting it on the path to long-term success.
It didn't go to plan.
Instead, Truss' tenure was scarred by turmoil as her economic policies threatened the country's financial stability, driving the pound to record lows, sparking chaos on bond markets and increasing mortgage costs for millions of people.
Though Truss took office amid a cost-of-living crisis, the war in Ukraine and the lingering effects of the COVID-19 pandemic, her decision to announce 105 billion pounds of tax cuts and spending increases without providing details on how she would pay for it unnerved investors, who warned of soaring public debt.
That undermined confidence in the government's ability to pay its bills and raised questions about the economic credentials of a new prime minister who took office after a deeply divisive contest for leadership of the governing Conservative Party.
The disarray surrounding the economic plan weakened Truss's authority as prime minister, and ultimately led to her decision to resign on Thursday.
WHAT HAPPENS NOW? The party says it will select a new leader and prime minister by October 28. Truss will remain prime minister until then.
To avoid the need for a lengthy election campaign that could have left the country without an effective government for weeks, party leaders decided that lawmakers would have greater say in the choice and without weeks of hustings around the country.
Under the expedited process, challengers for the leadership must garner the support of 100 other Conservative lawmakers &mdash; out of a total 357 &mdash; by Monday afternoon. That means a maximum field of three for lawmakers to vote on. The last-placed candidate would then be eliminated and the top two candidates will face an online vote of the party membership.
Legally, the government isn't required to call an election until December 2024, five years after the Conservatives won a landslide victory under the then Prime Minister Boris Johnson.
But opposition parties and some members of the public are demanding an immediate election after the uproar of recent months. Truss was forced out of office after less than two months on the job and she followed Johnson, who resigned after his authority was undermined by a series of scandals.

Piyush Goyal said that India will only be able to formulate a strategy with respect to the UK only after there is clarity on whether they will have quick change in leadersip or will they hold elections.

Concerns over trade deal with UK after Liz Truss' exit, India says it's 'on track'

Liz Truss' exit as UK's Prime Minister has raised concerns over India's talks with the UK on the already delayed free trade agreement

Piyush Goyal said that India will only be able to formulate a strategy with respect to the UK only after there is clarity on whether they will have quick change in leadersip or will they hold elections.

India's talks with the UK on the proposed free trade agreement is well on track, but New Delhi will have to "wait and watch" the ongoing political developments in Britain, commerce and industry minister Piyush Goyal said on Thursday.
Embattled British Prime Minister Liz Truss has resigned as the Conservative Party leader saying she can no longer deliver the mandate she was elected on last month, ending her humiliating tenure at 10 Downing Street on her 45th day in the job following an open revolt against her chaotic leadership.
The 47-year-old outgoing prime minister will stay in charge until her successor is elected by the governing Tory party, with a speeded-up leadership election to be completed by next week.
"We will have to wait and see...what happens, whether they have a quick change of the leadership, whether it goes to the whole process...So let us see who comes into the government and what their views are. It's only after that we will be able to formulate a strategy vis a vis the UK," Goyal said&nbsp; at CII's national exports summit.
However, he added that politicians and businesses across the board in the UK recognised that it is "very" important for them also to do an FTA (free trade agreement) with India.
"So my own sense is that whoever comes into the government will be wanting to engage with us," he added.
Also watch: <a href="https://www.editorji.com/world-news/quixplaned-origin-of-the-viral-lettuce-jokes-after-truss-resignation-1666345283127">Quixplaned: origin of the viral lettuce jokes after Truss' resignation</a>&nbsp;
The minister said that the trade pact should be fair, equitable and balanced.
It has to be a win-win for both sides and there is no deal, unless both are satisfied, he said.
"So we will have to wait and watch. But I would believe that our FTAs with the UK, Canada, EU, one or two more we may announce soon, all that is well on track," Goyal said.
He was replying to a question about developments in the UK and its FTA talks with India.

Boris Johnson resigned as Prime Minister in July 2022 amid a storm of controversies.

UK: Boris Johnson trying to become PM again, months after ouster due to controversies, say reports

Boris Johnson resigned as Prime Minister in July 2022 amid a storm of controversies.

With the United Kingdom set to get its fifth Prime Minister in 6 years, former premier Boris Johnson appears to hopeful of returning to power.
Johnson resigned as Prime Minister in July 2022 amid a storm of controversies, including an allegedly illegal party held at his official residence 10, Downing Street during a Covid lockdown.
Johnson was succeeded by Liz Truss who has resigned after just 45 days in power - the shortest tenure ever served by a UK PM.
Boris Johnson is now nursing ambitions to return to 10, Downing Street, according to multiple UK news outlets. He believes that his candidature is in "national interest", according to sources quoted by The Times.
Also watch: <a href="https://www.editorji.com/india-news/local/up-dengue-patient-transfused-with-fruit-juice-instead-of-platelets-died-later-claim-relatives-1666317425956">UP: dengue patient transfused with fruit juice instead of platelets, died later, claim relatives</a>
To prevent Johnson from making a successful comeback, Conservative party leaders interested in succeeding Liz Truss have been asked to get nominations from 100 Conservative MPs by 24 October 2022, as per The Times.

Truss had defeated Sunak in the recent Conservative party leadership contest to become the Prime Minister.

Liz Truss quits: Rishi Sunak's chance to be first Indian-origin UK PM, or will Penny Mordaunt prevail?

Truss had defeated Sunak in the recent Conservative party leadership contest to become the Prime Minister.

With Liz Truss gone as the Prime Minister of the United Kingdom, the focus is back on Indian-origin politician Rishi Sunak. Truss had defeated Sunak in the recent Conservative party leadership contest to become the Prime Minister.
Sunak had served as the Chancellor of the Exchequer under Boris Johnson. He had given stiff competition to Truss in the last race, defeating the other contenders to reach the final round. In voting by Conservative party members, Sunak had secured over 60,000 votes against Truss' 81,000.
If Sunak wins now, he would be UK's first Indian-origin PM.
Another frontrunner to replace Liz Truss is Penny Mordaunt, the current leader of the House of Commons. A former Defence Secretary, Mordaunt is believed to have support within various factions of the Conservative party.
Another favourite to be the next PM is Jeremy Hunt. He was recently made the Chancellor after Kwasi Kwarteng resigned following financial turmoil over his mini-Budget. Hunt has reportedly climbed the list of favourites even though he has ruled out that he would take part in the contest.
While announcing her resignation on 20 October 2022, Liz Truss said that the next PM would be decided within the next week.

Truss said that she could not deliver the mandate on which she had been elected the leader of the ruling Conservative party.

Liz Truss resigns as UK PM amid pressure over disastrous mini-Budget, exit of 2 ministers

Truss said that she could not deliver the mandate on which she had been elected the leader of the ruling Conservative party.

Liz Truss announced her resignation as Prime Minister of the United Kingdom on 20 October 2022. Truss' 45 days in power marked the shortest tenure of a UK PM.
Making a statement outside her office at 10, Downing Street, Truss said that she could not deliver the mandate on which she had been elected the leader of the ruling Conservative party.
An election to select the next Prime Minister will reportedly be completed within the next week.
Truss had been under pressure since an economic plan unveiled in September triggered financial turmoil. It had led to the ouster of Chancellor Kwasi Kwarteng, but calls for Truss' resignation grew louder within her party.
On 19 October, Home Secretary Suella Braverman had tendered her resignation, saying that she had "concerns about the direction of this government." Braverman had violated rules by sending an official document from her personal email account.

Watch: Liz Truss faces opposition fire during PM's Q&amp;A in UK Parliament

Watch: Liz Truss faces opposition fire during PM's Q&A in UK Parliament

British Prime Minister Liz Truss described herself as “a fighter and not a quitter” Wednesday as she faced down a hostile opposition and fury from her own Conservative Party over her widely-criticised economic plan.

UK PM Liz Truss vows to carry on despite rising pressure

Watch: Liz Truss faces opposition fire during PM's Q&amp;A in UK Parliament

British Prime Minister Liz Truss described herself as &ldquo;a fighter and not a quitter&rdquo; Wednesday as she faced down a hostile opposition and fury from her own Conservative Party over her widely-criticised economic plan.
Truss attended her first session of Prime Minister's Questions since newly appointed Treasury chief Jeremy Hunt ripped up the tax-cutting package unveiled by her new government less than a month ago. She apologized to Parliament and admitted she made mistakes during her short tenure as the U.K.'s head of government.
Some lawmakers shouted &ldquo;Resign!&rdquo; as she spoke.
Asked by the opposition Labour Party's leader, Keir Starmer, &ldquo;Why is she still here?&rdquo; Truss retorted: &ldquo;I am a fighter and not a quitter. I have acted in the national interest to make sure that we have economic stability.&rdquo;

Embattled UK Prime Minister Liz Truss on Monday apologised for going "too far too fast" with reforms that triggered economic turmoil 

UK PM Truss 'sorry' for economic mistakes that have been made

Sorry for economic mistakes that have been made

Embattled UK Prime Minister Liz Truss on Monday apologised for going "too far too fast" with reforms that triggered economic turmoil&nbsp;

British Prime Minister Liz Truss apologised, admitting her government "made mistakes" after the announcement of economic measures in September's mini budget spooked the financial markets.
Her comments came as the U.K.&rsquo;s new Treasury chief ripped up the government&rsquo;s economic plan, dramatically reversing most of the tax cuts and spending plans announced less than a month ago.
The move raises more questions about how long the beleaguered British leader can stay in office.
Responding to questions over her future the defiant prime minister said she wanted to focus on "delivering for the British public".

The pound rallied and yields on UK government bonds, or gilts, slid fiscal policy U-turns

Pound rises as UK rips up budget

The pound rallied and yields on UK government bonds, or gilts, slid fiscal policy U-turns

The pound jumped more than two percent against the dollar as Britain's fourth finance minister in as many months sensationally ripped up a tax-cutting budget that had spooked markets.
Jeremy Hunt, who was appointed finance minister by Prime Minister Liz Truss on Friday, reversed large swathes of the 45-billion pound &ldquo;mini-budget&rdquo; that sparked unprecedented market turmoil in which the pound hit record lows and the Bank of England was forced to intervene.
Prime Minister Liz Truss is battling to stay in power after dramatically sacking Hunt's predecessor Kwasi Kwarteng.
Truss and Kwarteng had announced tax cuts, funded by debt -- causing the pound to hit a record low against the dollar and UK government bond yields to soar.

'I wasn't the only one that thought it was a mistake', says Biden on Truss' tax cuts 

"I disagree with the policy, but that's up to Great Britain." Biden's comments came after weeks of White House officials declining to criticise Truss' plans, though they emphasised they were monitoring the economic fallout closely.

President Joe Biden called embattled British Prime Minister Liz Truss' abandoned tax cut plan a "mistake," and said he is worried that other nations' fiscal policies may hurt the US amid "worldwide inflation." Biden said it was "predictable" that the new prime minister on Friday was forced to walk back plans to aggressively cut taxes without identifying cost savings, after Truss' proposal caused turmoil in global financial markets. It marked an unusual criticism by a US president of the domestic policy decisions of one of its closest allies.
"I wasn't the only one that thought it was a mistake," Biden said on Saturday. "I disagree with the policy, but that's up to Great Britain." Biden's comments came after weeks of White House officials declining to criticise Truss' plans, though they emphasised they were monitoring the economic fallout closely. He was speaking to reporters at an Oregon ice cream shop where he made an unannounced stop to promote the candidacy of Democratic gubernatorial candidate Tina Kotek, as Democrats across the country face a tough political environment amid GOP criticism of their handling of the economy.
Biden said he was not concerned about the strength of the dollar &mdash; it set a new record against the British Pound in recent weeks &mdash; which benefits US imports but makes the country's exports more expensive to the rest of the world.
The president said the US economy "is strong as hell." "I'm concerned about the rest of the world," he added. "The problem is the lack of economic growth and sound policy in other countries." Said Biden: "It's worldwide inflation, that's consequential."&nbsp;
Also Watch| <a href="https://www.editorji.com/world-news/conservative-rebels-plot-to-replace-liz-truss-with-rishi-sunak-1665833856027">Conservative rebels plot to replace Liz Truss with Rishi Sunak</a>

Conservative rebels plot to replace Liz Truss with Rishi Sunak

The government, meanwhile, is reeling from the impact of the controversial mini-budget at the end of September.

Rebels on the backbenches of the UK's governing Conservative Party are said to be plotting to replace Liz Truss as party leader and Prime Minister with a so-called "unity" joint ticket team involving former leadership rival Rishi Sunak, it emerged on Friday.
It comes as a YouGov poll for the &lsquo;The Times&rsquo; found that almost half of Tory party supporters believe the party chose the wrong candidate in the leadership election. The poll found that among those who voted for the Conservatives at the last election, 62 per cent said that party members had made the wrong choice when the race was shortlisted between Truss and Sunak, compared with 15 per cent who said they had got it right.
It has led panicked Tory members of Parliament to start considering alternatives in the candidates who secured the most votes within the parliamentary party &ndash; the 42-year-old British Indian former Chancellor, who was the frontrunner with his colleagues, and Leader of the Commons Penny Mordaunt, who came in third.
The government, meanwhile, is reeling from the impact of the controversial mini-budget at the end of last month, with UK Chancellor Kwasi Kwarteng flying back from an International Monetary Fund (IMF) meeting in Washington a day earlier than planned.
While further U-turns on the tax-cutting plans are expected following crunch meetings at 10 Downing Street, the Tory backbenchers are said to be weighing up the prospect of changing the party leader yet again.
Given that Truss, 47, technically cannot face a leadership challenge unless until 12 months unless the powerful 1922 Committee of backbench MPs vote to change their rules, MPs are said to be considering the possibility of rallying behind a joint team of Sunak and Mordaunt where the former is the Prime Minister and the latter his Deputy.
Another option is for Mordaunt, 49, to take over as party leader and Prime Minister and Sunak as Chancellor, given his track record in office at the Treasury and that he had warned of much of the turmoil that has since unleashed under Truss.
Also Watch| <a href="https://www.editorji.com/world-news/liz-truss-appoints-greg-hands-as-trade-minister-know-all-about-rishi-sunak-s-close-aide-1665412203868">Liz Truss appoints Greg Hands as trade minister: know all about Rishi Sunak's close aide</a>
&ldquo;A coronation won&rsquo;t be that hard to arrange,&rdquo; a senior Tory was quoted as saying in &lsquo;The Times&rsquo;.
The party believes a pact is possible between Sunak, who lost to Truss in the party membership vote 57 to 43 per cent, and Mordaunt who came in third in the early stage of the voting among MPs and then threw her support behind Truss. However, former prime minister Boris Johnson loyalists have condemned such plotting as anti-democratic by disgruntled Sunak backers.
&ldquo;No offence to Sunak or Mordaunt but government is not a game of spin the bottle, where if you don&rsquo;t like the result you can just keep spinning again,&rdquo; tweeted Tory MP Nadine Dorries, a fierce Johnson loyalist.
&ldquo;Those absurdly called grandee MPs (men) agitating to remove Liz Truss are all Sunak supporters. They agitated to remove Boris Johnson and now they will continue plotting until they get their way. It&rsquo;s a plot not to remove a PM but to overturn democracy,&rdquo; she said.
It comes a day after UK Foreign Secretary James Cleverly fired a warning shot for rebels that it would be a &ldquo;disastrously bad idea&rdquo; to think about replacing Truss as the Tory leader, just over a month after she was elected by the party membership.
&ldquo;I think that changing the leadership would be a disastrously bad idea, not just politically but also economically, and we are absolutely going to stay focused on growing the economy,&rdquo; he said.

Former British foreign minister Jeremy Hunt has been appointed in his place. 

UK PM Liz Truss sacks Kwasi Kwarteng as Chancellor amid economic turmoil

British Prime Minister Liz Truss has sacked her Chancellor, Kwasi Kwarteng, in an effort to stem the economic turmoil unleashed by his mini-budget at the end of last month. 

Former British foreign minister Jeremy Hunt has been appointed in his place.&nbsp;

British Prime Minister Liz Truss has sacked her Chancellor, Kwasi Kwarteng, in an effort to stem the economic turmoil unleashed by his mini-budget at the end of last month. Former British foreign minister Jeremy Hunt has been appointed in his place.&nbsp;
"As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation - that must still change if this country is to succeed," his resignation letter reads.
Earlier, the finance minister cut short his visit to the US for an International Monetary Fund (IMF) meeting in Washington to fly back for a meeting with his boss. It had triggered speculation over his job and possible U-turns on the tax cuts he had tabled in Parliament, which had resulted in the pound plummeting against the dollar and the Bank of England stepping in to buy the country&rsquo;s long-term bonds to shore up the pension funds.
The estimated GBP 45 billion worth of tax cuts without a detailed funding plan to back it up were seen as disastrous for the UK economy at a time when inflation has already been soaring.
Truss and Kwarteng, who have been close friends for years, had insisted that the turbulence in the UK economy was part of a global problem exacerbated by the Russia-Ukraine conflict induced energy crisis and post-pandemic recovery.
"We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one," Kwarteng noted in this departure letter.
An open revolt by Tory MPs and a record surge for the Opposition Labour Party in the opinion polls meant his position in Cabinet had become increasingly untenable after Truss announced the first major reversal of mini-budget policies when she backtracked on scrapping the 45-pence top rate of income tax for the wealthiest.
Also watch: &nbsp;<a href="https://www.editorji.com/world-news/we-should-have-laid-the-ground-better-uk-pm-liz-truss-on-controversial-mini-budget-1664709248238">'We should have laid the ground better': UK PM Liz Truss on 'controversial' mini-budget</a>
Another U-turn on the cards is expected to be that the government would raise corporation tax from 19 per cent to 25 per cent in April 2023, as tabled by former Chancellor Rishi Sunak and withdrawn by Kwarteng in his mini-budget.&nbsp;

Instead of political and economic turmoil, it was the greeting between King Charles III and UK PM Liz Truss that dominated headlines

'Straight from The Office': how first weekly meet between King and Liz Truss sparked jokes online

Instead of political and economic turmoil, it was the greeting between King Charles III and UK PM Liz Truss that dominated headlines

The weekly audience of King Charles III and Liz Truss, the first between United Kingdom's new monarch and new prime minister, was expected to be dominated by the political and economic turmoil in the country but it is the 'political awkwardness and unintentional comedy' during that meeting that made it to the headlines.&nbsp;
As Liz Truss walked in through the royal doors and curtseyed, she greeted King Charles III with a 'Your Majesty, it's good to see you again.'
The monarch quipped,&nbsp; 'So you&rsquo;ve come back again? Dear, oh dear.'&nbsp; And that is all the internet needed to start a display of British humour.&nbsp;
Dr Jennifer Cassidy, a lecturer in diplomacy at Oxford University described the video of the weekly audience as a scene right out of the famous TV show 'The Office' and said it was 'political awkwardness and unintentional comedy at its finest'.
Matthew Stadlen, a political commentator tweeted, 'Whatever he meant by it, King Charles spoke for the country when he greeted Liz Truss. &lsquo;Dear, oh dear&rsquo; just about sums things up.'
John Nicholson, an MP of the Scottish National Party tweeted: 'King Charles speaks for us all.&nbsp; At least he won&rsquo;t have to endure her for long.'
Also watch: <a href="https://www.editorji.com/world-news/video-king-charles-iii-gets-annoyed-over-leaky-pen-during-signing-ceremony-1663125643340">Video: King Charles III gets annoyed over leaky pen during signing ceremony</a> &nbsp; &nbsp;

The government of new British Prime Minister Liz Truss came under pressure after the pound hit a record low against the dollar and to reverse announced tax cuts that are fuelling a financial crisis in an already struggling economy.&nbsp;
According to Bloomberg, UK&rsquo;s stock and bond markets have lost at least $500 billion in combined value since Liz Truss took over as Prime Minister, with investor confidence shattered by a shock tax-cutting budget.&nbsp;
Taking the helm at a time when the UK economy was already grappling with the specter of recession, the Truss government&rsquo;s new fiscal policies fueled concerns that inflation and borrowing would surge at a time of rapidly rising interest rates. That triggered a cross-asset selloff so severe that it sent the pound to a record low and sparked chatter about emergency action by the Bank of England.
Truss, a champion of low-tax, free-market conservatism who cites 1980s political icons Margaret Thatcher and Ronald Reagan as inspirations, promised during her campaign to slash taxes and red tape in order to energize Britain's sluggish economy.

UK's new PM Truss under fire as markets lost $500 bn

The Bank of England stepped in to buy up government bonds in an attempt to stabilise the cost of borrowing after the government said last week that it would slash income tax&nbsp;

The government of new British Prime Minister Liz Truss came under pressure after the pound hit a record low against the dollar and to reverse announced tax cuts that are fuelling a financial crisis in an already struggling economy.&nbsp;
According to Bloomberg, UK&rsquo;s stock and bond markets have lost at least $500 billion in combined value since Liz Truss took over as Prime Minister, with investor confidence shattered by a shock tax-cutting budget.&nbsp;
Taking the helm at a time when the UK economy was already grappling with the specter of recession, the Truss government&rsquo;s new fiscal policies fueled concerns that inflation and borrowing would surge at a time of rapidly rising interest rates. That triggered a cross-asset selloff so severe that it sent the pound to a record low and sparked chatter about emergency action by the Bank of England.
Truss, a champion of low-tax, free-market conservatism who cites 1980s political icons Margaret Thatcher and Ronald Reagan as inspirations, promised during her campaign to slash taxes and red tape in order to energize Britain's sluggish economy.

 British Prime Minister Liz Truss on Monday handed a junior trade minister's job to an ally of her leadership rival Rishi Sunak, in a move seen as an attempt to rally the governing Conservative Party behind her and curb rebellious moves on the backbenches.
Greg Hands, a vocal supporter of the former Indian-origin Chancellor, replaced Conor Burns as Minister of State in charge of Trade Policy in the Department for International Trade (DIT) after the latter was sacked recently following allegations of serious misconduct.
Hands was one of Sunak’s high-profile backers in the Conservative Party leadership contest and his inclusion was welcomed by other Sunak loyalists as a sign that Truss wants to build bridges with that faction of the party.
“No one is more experienced and knowledgeable than Greg Hands on trade. A welcome addition back to the Liz Truss government,” tweeted former Transport Secretary Grant Shapps, also a staunch Sunak supporter.
Sunak, the first British Indian candidate to compete for the top job at 10 Downing Street, was defeated in the Tory membership voting round last month after being a consistent frontrunner to replace Boris Johnson among the governing party’s MPs in the shortlisting phase of the leadership battle in July.
Hands said it was "an honour and a great privilege" to be part of the government, and is likely to also be involved in the ongoing India-UK free trade agreement (FTA) negotiations – believed to be in their final stages ahead of the proposed Diwali deadline.
The new appointment comes at a time when there are growing fears of a backbench discord within the Tory party since the government’s embarrassing U-turn over a key tax announcement abolishing the top rate of income tax for the wealthiest.
Truss and her Chancellor, Kwasi Kwarteng, have been under pressure since the announcement of a mini-budget last month unleashed turmoil on the financial markets and sent the pound plummeting against the dollar.
On Monday, the Bank of England announced further intervention to shore up the markets by doubling the value of UK government bonds it can buy.
The central bank has said that it is ready to buy GBP 10 billion worth of bonds a day, double the GBP 5 billion a day it announced in the wake of the mini budget.
The government bonds, referred to as gilts, are used by the state to raise funds and the central bank had stepped in with the temporary measure of buying long-dated gilts in an effort to protect the country’s pension funds and calm the markets.
Meanwhile, Kwarteng has brought forward a planned fiscal statement to October 31 – nearly a month ahead of its previous schedule of November 23.
The UK's Treasury department announced that the so-called "Medium-Term Fiscal Plan" along with an independent Office of Budget Responsibility (OBR) forecast will now be published at the end of this month instead.
The fiscal statement is expected to detail how the Chancellor intends to pay for the nearly GBP 45-billion worth of tax cuts announced in the mini-budget and also how he plans to reduce the country’s debt.
There had been mounting pressure on the government to bring forward the fiscal announcement in order to curb fears over spiralling debt and unfunded tax cuts impacting already soaring inflation and interest rates. 

Liz Truss appoints Greg Hands as trade minister: know all about Rishi Sunak's close aide

Greg Hands, a vocal supporter of the former Indian-origin Chancellor, replaced Conor Burns as Minister of State in charge of Trade Policy in&nbsp; after the latter was sacked recently following allegations of serious misconduct.

&nbsp;British Prime Minister Liz Truss on Monday handed a junior trade minister's job to an ally of her leadership rival Rishi Sunak, in a move seen as an attempt to rally the governing Conservative Party behind her and curb rebellious moves on the backbenches.
Greg Hands, a vocal supporter of the former Indian-origin Chancellor, replaced Conor Burns as Minister of State in charge of Trade Policy in the Department for International Trade (DIT) after the latter was sacked recently following allegations of serious misconduct.
Hands was one of Sunak&rsquo;s high-profile backers in the Conservative Party leadership contest and his inclusion was welcomed by other Sunak loyalists as a sign that Truss wants to build bridges with that faction of the party.
&ldquo;No one is more experienced and knowledgeable than Greg Hands on trade. A welcome addition back to the Liz Truss government,&rdquo; tweeted former Transport Secretary Grant Shapps, also a staunch Sunak supporter.
Sunak, the first British Indian candidate to compete for the top job at 10 Downing Street, was defeated in the Tory membership voting round last month after being a consistent frontrunner to replace Boris Johnson among the governing party&rsquo;s MPs in the shortlisting phase of the leadership battle in July.
Hands said it was "an honour and a great privilege" to be part of the government, and is likely to also be involved in the ongoing India-UK free trade agreement (FTA) negotiations &ndash; believed to be in their final stages ahead of the proposed Diwali deadline.
The new appointment comes at a time when there are growing fears of a backbench discord within the Tory party since the government&rsquo;s embarrassing U-turn over a key tax announcement abolishing the top rate of income tax for the wealthiest.
Truss and her Chancellor, Kwasi Kwarteng, have been under pressure since the announcement of a mini-budget last month unleashed turmoil on the financial markets and sent the pound plummeting against the dollar.
On Monday, the Bank of England announced further intervention to shore up the markets by doubling the value of UK government bonds it can buy.
The central bank has said that it is ready to buy GBP 10 billion worth of bonds a day, double the GBP 5 billion a day it announced in the wake of the mini budget.
The government bonds, referred to as gilts, are used by the state to raise funds and the central bank had stepped in with the temporary measure of buying long-dated gilts in an effort to protect the country&rsquo;s pension funds and calm the markets.
Meanwhile, Kwarteng has brought forward a planned fiscal statement to October 31 &ndash; nearly a month ahead of its previous schedule of November 23.
Also watch: <a href="https://www.editorji.com/world-news/uk-pm-liz-truss-sacks-trade-minister-conor-burns-1665199219464">UK PM Liz Truss sacks trade minister Conor Burns</a>
The UK's Treasury department announced that the so-called "Medium-Term Fiscal Plan" along with an independent Office of Budget Responsibility (OBR) forecast will now be published at the end of this month instead.
The fiscal statement is expected to detail how the Chancellor intends to pay for the nearly GBP 45-billion worth of tax cuts announced in the mini-budget and also how he plans to reduce the country&rsquo;s debt.
There had been mounting pressure on the government to bring forward the fiscal announcement in order to curb fears over spiralling debt and unfunded tax cuts impacting already soaring inflation and interest rates.&nbsp;

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