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WIKI Rishi Sunak; born 12 May 1980 is a British politician who has been Leader of the Conservative Party since 24 October 2022, and is the prime minister–designate slated to assume office on 25 October 2022. He previously served as Chancellor of the Exchequer from 2020 to 2022 and Chief Secretary to the Treasury from 2019 to 2020.[2] He has been the Member of Parliament (MP) for Richmond (Yorks) since 2015.
Sunak was born in Southampton to parents of Punjabi Indian descent who migrated to Britain from East Africa in the 1960s.[3][4] He was educated at Winchester College, read philosophy, politics and economics (PPE) at Lincoln College, Oxford, and gained an MBA from Stanford University in California as a Fulbright Scholar. While studying at Stanford, he met his future wife Akshata Murty, the daughter of N. R. Narayana Murthy, the Indian billionaire businessman who founded Infosys. Sunak and Murty are the 222nd richest people in Britain, with a combined fortune of £730m as of 2022.[5] After graduating, Sunak worked for Goldman Sachs and later as a partner at the hedge fund firms the Children's Investment Fund Management and Theleme Partners.
Sunak was elected to the House of Commons for Richmond in North Yorkshire at the 2015 general election, succeeding William Hague. Sunak supported Brexit in the 2016 referendum on EU membership. He was appointed to Theresa May's second government as Parliamentary Under-Secretary of State for Local Government in the 2018 reshuffle. He voted three times in favour of May's Brexit withdrawal agreement. After May resigned, Sunak supported Boris Johnson's campaign to become Conservative leader. After Johnson was elected and appointed Prime Minister, he appointed Sunak as Chief Secretary to the Treasury. Sunak replaced Sajid Javid as Chancellor of the Exchequer after his resignation in the February 2020 cabinet reshuffle.
As Chancellor, Sunak was prominent in the government's financial response to the COVID-19 pandemic and its economic impact, including the Coronavirus Job Retention and Eat Out to Help Out schemes. He resigned as chancellor on 5 July 2022, followed by Johnson's resignation amid a government crisis. Sunak stood in the Conservative party leadership election to replace Johnson,[6] and lost the members' vote to Liz Truss.[7] Following Truss's resignation amid another government crisis, Sunak won the October 2022 Conservative Party leadership election.[8]
Early life and education
Sunak was born on 12 May 1980 in Southampton[9][10] to African-born Hindu parents of Punjabi Indian descent,[11][12] Yashvir and Usha Sunak. He is the eldest of three siblings. His father was born and raised in the Colony and Protectorate of Kenya (present-day Kenya), while his mother was born in Tanganyika (which later became part of Tanzania).[13] His grandfathers were born in Punjab province, British India, and migrated from East Africa with their families to the UK in the 1960s.[14] His paternal grandfather, Ramdas Sunak, was from Gujranwala (in present-day Pakistan) and moved to Nairobi in 1935 to work as a clerk, where he was joined by his wife Suhag Rani Sunak from Delhi in 1937.[15][16] His maternal grandfather, Raghubir Sain Berry MBE, worked in Tanganyika as a tax official, and had an arranged marriage with 16-year-old Tanganyika-born Sraksha, with whom he had three children, and the family moved to UK in 1966, funded by Sraksha selling her wedding jewellery.[17] In Britain, Raghubir Berry joined the Inland Revenue, and as a collector, was appointed a Member of the Order of the British Empire (MBE) in the 1988 Birthday Honours list.[18] Yashvir was a general practitioner, and Usha was a pharmacist, who ran a local pharmacy.[9][19][20]
Sunak attended Stroud School, a preparatory school in Romsey, Hampshire, and Winchester College, a boys' independent boarding school, where he was head boy.[21][22] He was a waiter at a curry house in Southampton during his summer holidays.[13][23] He read Philosophy, Politics and Economics (PPE) at Lincoln College, Oxford, graduating with a first in 2001.[9][22] During his time at university, he undertook an internship at Conservative Campaign Headquarters.[21] In 2006, he gained an MBA from Stanford University, where he was a Fulbright scholar.[9][24][25]
Business career
Sunak worked as an analyst for the investment bank Goldman Sachs between 2001 and 2004.[9][26] He then worked for hedge fund management firm the Children's Investment Fund Management, becoming a partner in September 2006.[27] He left in November 2009[28] to join former colleagues in California at a new hedge fund firm, Theleme Partners, which launched in October 2010 with $700 million under management.[29][30][31] At both hedge funds, his boss was Patrick Degorce.[32] He was also a director of the investment firm Catamaran Ventures, owned by his father-in-law, the Indian businessman N. R. Narayana Murthy between 2013 and 2015.[26][33]
Early political career
Member of Parliament
Sunak was selected as the Conservative candidate for Richmond (Yorks) in October 2014, defeating Wendy Morton. The seat was previously held by William Hague, a former leader of the party, Foreign Secretary and First Secretary of State.[22] The seat is one of the safest Conservative seats in the United Kingdom and has been held by the party for over 100 years.[34] In the same year Sunak was head of the Black and Minority Ethnic (BME) Research Unit of centre-right think tank Policy Exchange, for which he co-wrote a report on BME communities in the UK.[35] He was elected as MP for the constituency at the 2015 general election with a majority of 19,550 (36.2%).[36] During the 2015–2017 parliament he was a member of the Environment, Food and Rural Affairs Select Committee.[37]
Sunak supported Brexit (the UK leaving the European Union) at the June 2016 EU membership referendum.[38] That year, he wrote a report for the Centre for Policy Studies (a Thatcherite think tank) supporting the establishment of free ports after Brexit, and the following year wrote a report advocating the creation of a retail bond market for small and medium-sized enterprises.[39][40][41]
Sunak was re-elected at the 2017 general election, with an increased majority of 23,108 (40.5%).[42] He served as parliamentary under-secretary of state for local government between January 2018 and July 2019.[37] Sunak voted for then-Prime Minister Theresa May's Brexit withdrawal agreement on all three occasions, and voted against a second referendum on any withdrawal agreement.[43]
Sunak supported Boris Johnson in the 2019 Conservative Party leadership election and co-wrote an article in The Times newspaper with fellow MPs Robert Jenrick and Oliver Dowden to advocate for Johnson during the campaign in June.[44][45]
Chief secretary to the Treasury
Sunak was appointed as chief secretary to the Treasury by Prime Minister Boris Johnson on 24 July 2019, serving under Chancellor Sajid Javid.[46] He became a member of the Privy Council the next day.[47]
Sunak was re-elected in the 2019 general election with an increased majority of 27,210 (47.2%).[48] During the election campaign, Sunak represented the Conservatives in both BBC's and ITV's seven-way election debates.[49][50]
Appointment
In the weeks before Sunak's appointment as chancellor of the Exchequer, press briefings suggested that a new economic ministry led by Sunak might be established to reduce the power and influence of Chancellor Javid at the Treasury. Sunak was considered a Johnson loyalist, favoured by Johnson's chief adviser Dominic Cummings, and seen as the "rising star" who had ably represented Johnson during the 2019 election debates.[51][52] In February 2020, The Guardian reported that Javid would remain in his role as Chancellor and that Sunak would remain chief secretary to the Treasury, so that Cummings could "keep an eye" on Javid.[53]
On 13 February, Sunak was promoted to chancellor as part of a cabinet reshuffle.[54][55] Javid had resigned that day following a meeting with Johnson. During the meeting, Johnson had offered to keep his position on the condition that he dismiss all of his advisers at the Treasury, to be replaced with individuals selected by Cummings. Javid told the Press Association that "no self-respecting minister would accept those terms".[55][56] Some political commentators saw Sunak's appointment as signalling the end of the Treasury's independence from Downing Street, with Robert Shrimsley, chief political commentator of the Financial Times, arguing that "good government often depends on senior ministers – and the Chancellor in particular – being able to fight bad ideas".[57]
Main article: July–September 2022 Conservative Party (UK) leadership election
On 8 July 2022, Sunak stood in the Conservative party leadership election to replace Johnson.[130] Sunak launched his campaign in a video posted to social media, writing that he would "restore trust, rebuild the economy and reunite the country".[131] He said his values were "patriotism, fairness, hard work".[132] Sunak pledged to "crack down on gender neutral language".[133] The domain readyforrishi.com was first registered with GoDaddy on 23 December 2021, while ready4rishi.com was registered on 6 July 2022, two days after Sunak resigned as chancellor.[134] The former domain acts as a redirect to the latter.[135][136] Conservative politicians who had supported Johnson criticised Sunak as "leading the charge in bringing down the prime minister" with key Johnson ally Jacob Rees-Mogg calling him a "high tax chancellor".[137]
Sunak and Foreign Secretary Liz Truss emerged as the final two candidates in the contest on 20 July to be put forward to the membership for the final leadership vote; he had received the most votes in each of the series of MP votes with Sunak receiving 137 to Truss's 113 in the final round.[138] In the membership vote, Truss received 57.4% of the vote, making her the new leader over Sunak.[139]
Sunak's pledges during the campaign included tax cuts only when inflation was under control, scrapping of the 5% VAT rate on household energy for one year, introducing a temporary £10 fine for patients who fail to attend GP appointments, capping of refugee numbers, and a tightening of the definition of asylum.[140]
During the campaign, a clip from the 2001 BBC documentary Middle Classes: Their Rise and Sprawl,[141] emerged in July 2022 in which he remarked, "I have friends who are aristocrats, I have friends who are upper class, I have friends who are, you know, working class but... well not working class".[142] Sunak commented on the clip that "We all say silly things when we are younger".[143] A video of Sunak speaking to an audience in Tunbridge Wells, Kent, emerged in August 2022 in which he said he changed funding formulas which "shoved" money into "deprived urban areas", "to make sure that areas like this are getting the funding they deserve." Sunak responded that he wanted to "level up everywhere" and not just help "very large urban cities".[144] Following Liz Truss's victory in the 2022 Conservative Party leadership election, Sunak returned to the backbenches.
October 2022
Main article: October 2022 Conservative Party leadership election
Following the resignation of Liz Truss on 20 October 2022, Sunak was thought to be a possible contender for the abridged leadership contest, along with Penny Mordaunt and Boris Johnson, who had resigned as Prime Minister before Liz Truss' appointment.[145] On 22 October, it was reported that Sunak had the required number of supporters—100 members of the House of Commons—to run in the ballot on 24 October. Tobias Ellwood wrote on Twitter that he was "honoured to be the 100th Tory MP to support #Ready4Rishi".[146] The total number of MPs who publicly declared support passed 100 on the afternoon of 22 October.[147] On 23 October Sunak declared that he would stand for election.[148] After Johnson ruled himself out of the race and Mordaunt withdrew, Sunak was announced as the new Leader of the Conservative Party and subsequently as Prime Minister of the United Kingdom.
Sunak has been backed by several cabinet members and prominent party members, such as Lord Frost, Kemi Badenoch, Nadhim Zahawi, Sajid Javid, Jeremy Hunt, Tom Tugendhat, and Dominic Raab.[149]
