(Bloomberg) — Who is Rishi Sunak, the man who in a stunning turn of events was appointed U.K. Chancellor of the Exchequer less than a month before the first budget of Boris Johnson’s new government?
The former Goldman Sachs banker is 39 and has been viewed as a rising star in the Conservative Party, with the ConservativeHome websiteanointing him “the next prime minister” earlier in the year. In July he was made chief secretary to the Treasury — the second most important job in the finance ministry.
Sunak entered Parliament in 2015, elected to represent Richmond in Yorkshire, the constituency previously held by William Hague, a former party Leader. Theresa May appointed him as a junior minister and he went on to back Johnson in last year’s leadership campaign in a joint piece in The Times. That earned him a promotion to the cabinet when Johnson won.
Sunak is a more pro-Brexit chancellor than Javid, who campaigned for Remain back in 2016 (Sunak was a Leaver). In 2017, he co-authored an article highlighting five benefits of Brexit, including striking new trade deals, improving regulation and being free of EU state aid rules. “It’s time to shout about that idealistic and hopeful vision for post-Brexit Britain,” he wrote. “Opportunities like these are what Brexit means to us.”
The pound rose on the news, on expectation that this chancellor will loosen the purse strings. According to a research note by Capital Economics, his previous votes in Parliament “suggest his views are perhaps more aligned with those of the Prime Minister and his Chief Special Adviser Dominic Cummings than Javid’s.”
“ His voting history shows he’s an ardent Brexiteer, supports reductions in corporation tax, cuts to capital gains tax and he’s gone on the record as favouring infrastructure investment,” the note said. “So this is either going to be a meeting of minds or Sunak will be the Prime Minister’s yes man living in Number 11.”
He’s frequently been sent out by the government to do the morning round of TV and radio interviews, a clear sign that he’s seen by Number 10 as a solid performer. Notably, he deputized for Johnson in televised leadership debates during the election campaign.
The Hindu son of a doctor and a pharmacist, Sunak attended Winchester College, one of the country’s most prestigious private schools, before studying at Oxford and Stanford Universities. He’s married to Akshata Murthy, the daughter of Indian billionaire, Infosys Ltd. co-founder Narayana Murthy.
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To contact the reporter on this story: Alex Morales in London at [email protected]
To contact the editors responsible for this story: Flavia Krause-Jackson at [email protected];Tim Ross at [email protected]
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