Rishi Sunak has pledged to bring economic stability to the centre of the new government’s focus.
Standing outside 10 Downing Street, the incoming Prime Minister has said the UK is facing a “profound economic crisis” and the war in Ukraine “destabilised energy markets and supply chains“.
Rishi Sunak paid tribute to Liz Truss saying “she was not wrong to want to improve growth in this country.”
However, he said: “Some mistakes were made, not born of ill will or bad intentions, quite the opposite, in fact. But mistakes, nonetheless.
“I am elected to fix them. And this starts immediately.”
Mr Sunak has pledged to work “day in, day out to deliver for you.” He added: “I stand here before you ready to lead our country into the future. Ready to put your needs before politics.”
A few minutes before outgoing Prime Minister Liz Truss said: “We continue to battle through a storm but I believe in the British people and I know that brighter days lie ahead.”
Truss chaired a final meeting of her Cabinet at 9:00 am.
Before his speech, the new British Prime Minister had an audience with King Charles.
His time in office will be defined by how he responds to big challenges ahead, including the cost of living crisis and inflation, as the Chancellor’s much-anticipated fiscal plan is due on Monday 31st October.
The new Prime Minister is expected to drive through public spending cuts to ensure that the UK economy is steady.
Rishi Sunak is expected to make his first appearance as the leader of the Tory party and Prime Minister in front of all MPs tomorrow during the Prime Minister’s Questions.
The King received The Rt Hon Rishi Sunak MP at Buckingham Palace today.
His Majesty asked him to form a new Administration. Mr. Sunak accepted His Majesty's offer and was appointed Prime Minister and First Lord of the Treasury. pic.twitter.com/UnT3jMS8so
— The Royal Family (@RoyalFamily) October 25, 2022