UKs new PM Rishi Sunak was vocal 8 times about the financial issues

Rishi Sunak, 42, is going to be Britain's first Indian-origin Prime Minister and also the youngest PM to date. As an economics graduate, who had worked as an analyst at the investment bank Goldman Sachs between 2001 and 2004, and was later appointed as the Chief Secretary to the Treasury in 2019, Sunak has always been very vocal about the global economic conditions. As Chancellor of the Exchequer, Sunak was praised for addressing various economic challenges that arose due to the COVID-19 pandemic in the United Kingdom.

Here are eight moments when Sunak was vocal in the recent past about the global economic conditions and other economic challenges faced by the UK.

1.       Sunak has always been upfront in acknowledging the economic crisis that the United Kingdom faced. In fact, addressing the economic crisis of the UK was one of his agendas in the electoral process.

 

2.       One of the major concerns among the masses in the UK was the rising amount of bills. He also clarified during his campaigns that one of his priorities is to minimize the bills for the people in the country. He tweeted, "I have been clear that the priority must be to support people with the cost of rising bills, ensuring they can heat their homes."

 

3.       UK being one of the countries worst hit by inflation as it touched 18 percent, there was a growing economic concern. Moreover, to keep pace with the rising value of the US dollar, the country ended up selling the majority of its forex reserves as well. Thus, Sunak tweeted, “Inflation is the enemy that makes everyone poorer.”

 

4.       Sunak identified people with very low incomes and pensioners as the vulnerable groups who need to have some sort of financial help and how he wants to provide direct support to them. “No tax cuts and lazy tax plans are not going to help those groups of people,” he said in an interview.

 

5.       Sunak was against the idea of increasing the borrowings by the banks to curb inflation, rather he was of the opinion that would make the situation even worse. “Increasing borrowing will put upward pressure on interest rates, which will mean increased payment on people’s mortgages,” he added.

6.       He stressed that in order to deal with the current economic situation, businesses from rural communities and small towns need to be promoted. He said that leveling up should include rural communities, small towns, and coastal communities across the country.

 

7.       He acknowledged the fact the crisis due to inflation in the UK was primarily driven by external factors but recently, it is mostly the domestic factors that contributed the most.  Thus, he clearly stated that “The most important thing is that we don't put fuel on the fire, and we don't repeat past mistakes.” To this, he further added, “How we get the inflation down, we increase the supply of things.”

8.       As one of the measures to help Britain recover from the blow of the pandemic, Sunak cut business rates to protect small businesses, so that they can grow more and create more job opportunities.