Rishi Sunak vows to lead with ‘integrity and humility’ in first statement as incoming PM
Rishi Sunak has vowed to lead the UK with “integrity and humility” in his first address to the nation as incoming Prime Minister.
Sunak warned the UK faces “a profound economic challenge” and said “I will make it my utmost priority to bring our party and our country together”.
Sunak won the Tory leadership contest unopposed today, after Penny Mordaunt dropped out just minutes before the deadline for nominations closed.
The former chancellor had the public backing of more than half of Tory MPs, while Mordaunt had not gathered enough nominations to pass the threshold to enter the contest.
He is expected to meet the King and enter Number 10 tomorrow, putting to an end Liz Truss’ chaotic premiership – the shortest-ever for a British Prime Minister.
In a short statement lasting just under two minutes, Sunak said: “We now need stability and unity and I will make it my utmost priority to bring our party and our country together.
“That is the only way we will overcome the challenges we face and build a better, more prosperous future for our children and grandchildren.
“I will serve you with integrity and humility, and I will work day-in-day-out to deliver for the British people.”
Sunak told Conservative MPs in a private address this afternoon that they must “unite or die” as he faces a series of crises and the party faces historically poor poll ratings.
MPs from across the party have today said the Tories must back his leadership.
Key Boris Johnson ally Jacob Rees-Mogg tweeted: “Now is the time for party unity and I congratulate Rishi Sunak on his victory and will support his leadership.”
Sunak comes into office as the UK faces bleak economic projections and after weeks of turmoil on the financial markets during Truss’ premiership.
The prospect of him becoming Prime Minister this morning led to bond yields falling and prices rising as investors showed their confidence in Sunak. Bond yields move in the opposite direction to prices.
The incoming Prime Minister will be forced to immediately confront urgent questions on fiscal policy.
Chancellor Jeremy Hunt is expected to stay in post and is working toward delivering a Halloween fiscal statement next Monday, which he has warned will include tax hikes and spending cuts.
Hunt has said the UK needs to balance the books, after Truss’ plans of debt-funded tax cuts spooked markets about current levels of government borrowing.
A Treasury source said it was “still the plan” to go ahead with the fiscal statement, while Number 10 said it will be up to Sunak whether to push forward with Hunt’s proposals.
Sunak also comes into office with the Tories trailing Labour in every major poll by at least 21 points.
A YouGov poll out last week gave Labour a 37-point lead, which would result in an historic electoral wipeout for the Tories if replicated in an election.