UK PM: Rishi Sunak officially becomes UK’s third PM in a year after Liz Truss resigns

LONDON — Rishi Sunak became Britain’s third prime minister in a year on Tuesday and must now turn his attention to taming an economic crisis that has left the country’s finances in tatters and millions of Britons struggling to afford food and energy.

Sunak, Britain’s first colored leader, met at Buckingham Palace with King Charles III, who had just accepted the resignation of Liz Truss.

Sunak – at 42, the youngest British leader in more than 200 years – is expected to begin appointing a cabinet immediately and deal with an economy that is sliding into recession. The third Conservative prime minister this year, he will also try to unite a ruling party that has been riven by divisions after Truss’ short, disastrous tenure weakened Britain’s already difficult economic outlook.

Speaking outside the prime minister’s residence, Sunak acknowledged the mistakes of his predecessor and promised to put “economic stability and confidence” at the center of his agenda.

He said he would face the “deep economic crisis” with compassion and lead a government of “integrity, professionalism and accountability”.

Truss left after making a public statement outside the prime minister’s office at 10 Downing Street, seven weeks after she was appointed prime minister. On Monday, Sunak was elected to replace her as leader of the ruling Conservative Party.

Truss offered a defense of her low-tax economic vision and her short tenure in office before being kicked out of the prime minister’s official residence for the final time.

MORE: British Prime Minister Liz Truss resigns, ending 6-week term after policy sparks economic turmoil

“I am more convinced than ever that we need to be bold and face the challenges we face,” she said. She has championed the free market principles of “cut taxes” and “ensure growth” despite the market chaos caused by her September 23 budget package.

The circuit wished Sunak the best of luck as the UK continues to “go through the storm”.

Sunak’s top priorities will be appointing Cabinet ministers and preparing a budget statement outlining how the government plans to raise billions of pounds (dollars) to plug the fiscal hole created by skyrocketing inflation and a sluggish economy exacerbated by the Truce’s destabilizing economic experiments.

The announcement, which calls for tax increases and spending cuts, is currently due to be made in parliament on Monday by the head of the Treasury, Jeremy Hunt – if Sunak keeps him in the job.

Sunak, himself head of the Treasury for two years until July, becomes prime minister in a remarkable reversal of fortune just weeks after he lost the Conservative election to replace former prime minister Boris Johnson . Party members over the summer preferred her push for tax cuts to his warnings that inflation needed to be curbed.

The Truss admitted last week that it had failed to deliver on its plans – but only after its attempts caused market chaos and worsened inflation at a time when millions of Britons were already struggling with soaring borrowing costs and rising energy and food prices nutrition.

The party is now desperate for someone to right the ship after months of chaos under Truss and Johnson, who resigned in July after being embroiled in ethics scandals.

Sunak was elected leader of the Conservatives after becoming the only candidate to break the 100-candidate barrier from his fellow lawmakers to run in party elections. Sunak defeated challenger Penny Mordaunt, who could land a job in his government, and the ousted Johnson, who returned from a Caribbean vacation to drum up support for a comeback but failed to garner enough support to run.

As well as stabilizing Britain’s economy, Sunak must try to unite a ruling party that has sunk into acrimony as its poll ratings have fallen.

Conservative MP Victoria Atkins, a Sunak ally, said the party would “sit down” under Sunak.

“We all understand that we really have to get behind Rishi now – and to be honest that’s exactly what the party has done,” she told LBC radio.