Rishi Sunak made history today when he became Prime Minister. At the age of 42, he is the youngest to assume the office since the 2nd Earl of Liverpool in 1812 and the first from an ethnic minority since Benjamin Disraeli in 1874. It is a great achievement.
His ascension will be a source of tremendous pride to many millions of people in the UK and around the world. It also says something important about our country.
That Mr Sunak won the race to become Tory leader unopposed after Boris Johnson withdrew and Penny Mordaunt failed to garner the required 100 nominations will have been a relief to many ordinary voters. The public may not have endorsed Mr Sunak, but it is at least a comfort that the contest did not drag out for many more days.
What we now need, more than anything, is a period of competent administration. After the wild U-turns and market turmoil of the last few weeks, there is a hoped-for dullness dividend — the value investors place on a competent, even boring, Prime Minister with a fiscal plan that adds up.
The challenge facing Mr Sunak is immense. While he may enjoy greater trust from the markets, he and his Chancellor will still have to convince them Britain has a plan to balance the books and pay its way in the world. He must also unite a divided parliamentary party and demonstrate to the public he will protect the most vulnerable as we prepare for a difficult winter.
Our fortunes for at least the next two years depend on his success — we wish him well.
The costs keep rising
Britain has a new leader but all the same challenges. Inflation continues to eat away at real earnings, with those at the bottom of the income scale suffering the most.
Today’s figures from the Office for National Statistics are both instructive and worrying. The price of basic necessities is soaring. The cost of vegetable oil has risen 46 per cent in the last five months alone, while pasta is up 60 per cent in the last year.
It comes as comparison website Uswitch finds that tens of thousands of people are being pushed onto prepayment energy metres, as households fall behind on their bills.
At the same time, the cost of housing — especially in the capital — is out of control. Some 40 per cent of renters say they are finding it difficult to afford their housing costs, while homeowners are facing spiralling mortgage repayments as interest rates rise.
Governing is about choices. Never more so than in tough times, the Prime Minister must ensure that the most vulnerable in our society are protected.
Reach for the skies
Don’t look up but did you see it? Peaking at 11.13 this morning, the moon partially passed over the sun, as Londoners enjoyed a solar eclipse. There was no need for street lighting, only about 15 per cent was blocked from the capital.
But perhaps it was an omen for our new Prime Minister. According to ancient Babylonian scholars, solar eclipses could foretell great events. Mr Sunak will surely settle for a reasonably pain-free Cabinet reshuffle.
