Economy

UK PM Sunak meets with cabinet to begin “hard work” of fixing economy. Stocksak

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© Stocksak. FILE PHOTO – Britain’s new Prime Minister Rishi Sonak waves as he enters Number 10 Downing Street in London, Britain, October 25, 2022. REUTERS/Henry Nicholls/File Photograph

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Sachin Ravikumar, William James

LONDON, Stocksak – On Wednesday, Rishi Sunak, the British Prime Minister, will meet his newly appointed cabinet. It is only a day since he assumed power. He promised to rectify the mistakes of his predecessors and stabilize our economy.

Sunak will be focusing his attention on preparation for a fiscal report, which is highly anticipated by the financial markets. It is scheduled for Oct. 31 and could be delayed by the Times newspaper.

When asked about the timing of the statement that was expected to detail how the government will address a budget deficit of up to 40 billion pounds (or $45.88 billion), James Cleverly, the foreign minister, told Sky News that he didn’t have any “specific confirmation” of the date.

Cleverly stated, “(Sunak) will want some time to work out the details on that.” “We know it must be done soon. We know that people want certainty. We know that people want to be more clear about the government’s plans.

Sunak, who succeeded Liz Truss as prime minister after she was briefly engulfed by chaos, did not bring in a finance minister on Tuesday, but appointed a cabinet that included views from across the Conservative Party’s political parties.

Opposition Labour Party criticized his decision-making right away, focusing on Suella Brverman’s reinstating as interior minister less then a week after she was fired by Truss because of a security breach.

Sunak is Britain’s third prime Minister this year. He faces a number of challenges beyond the economic crisis. Sunak must also figure out how to unify and rebuild a party whose reputation was damaged by months of scandals, rows, and other scandals.

“The hard work begins now, and together the prime minister’s new cabinet will deliver the British people,” a source at his Number 10 Downing Street offices said in a statement.

Sunak will face Keir Sternmer, the leader of Labour Party, later in today for Prime Minister’s Question – the weekly political debate held in parliament at noon (1100 GMT).

($1 = 0.8718 pounds)

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