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British PM Sunak warns of ‘profound economic crisis’
Truss 'was not wrong to want to improve growth in this country... but some mistakes were made'
Britain’s new Prime Minister Rishi Sunak on Tuesday vowed to lead the country through an economic crisis and fix the errors made by his predecessor Liz Truss while warning of “difficult” decisions ahead.
The 42-year-old former hedge fund boss is tasked with bringing an end to the infighting and feuding at Westminster that has worried investors and alarmed international allies.
Speaking on the steps of Downing Street after being appointed premier by King Charles III, Sunak spoke of Truss’s “noble” aims despite making some “mistakes.”
"Right now, our country is facing a profound economic crisis, the aftermath of Covid still lingers, Putin's war in Ukraine has destabilized energy markets and supply chains the world over," he said.
"I understand too that I have work to do to restore trust, after all that has happened. All I can say is that I am not daunted. I know the high office I have accepted and I hope to live up to its demands.”
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He said, however, that he wanted to “pay tribute” to Truss, whose tax-slashing budget sparked economic and political turmoil during her seven-week-long tenure as Britain's leader.
"She was not wrong to want to improve growth in this country. I admired her restlessness to create change, but some mistakes were made, not born of ill will or bad intentions, but mistakes nonetheless," Sunak said.
Economists and investors have said Sunak's appointment will calm markets, but they warn that he has few easy options when millions of Britons are battling a cost of living crunch.