US President Joe Biden called yesterday, Monday, “revolutionary” the expected assumption of the Prime Minister of Britain by Rishi Sunak, the first non-white to take the reins of the country.
“It’s amazing, it’s a revolutionary milestone and that’s what counts,” the US president emphasized at an event held at the White House for the Hindu festival of Diwali.
Rishi Sunak, 42, a wealthy ex-banker with the typical background of the British elitewill be the youngest person to become prime minister in the modern history of the United Kingdom, but also the first of Indian origin, as his grandparents lived in Punjab, a region in northern India, before the country’s independence from the United Kingdom in 1947.
Biden will speak with him “within the coming days”, the White House announced, according to international agencies and the Athens News Agency.
“President Biden looks forward to speaking together (…) with Mr. Sunak in the coming days,” White House spokeswoman Karin Jean-Pierre said yesterday, clarifying that she would wait first, as is customary, for Sunak to meet with King Charles C today for the British monarch to entrust him with the mandate to form a government.
Britain’s former finance minister won the Tory race for Downing Street unopposed yesterday after former prime minister Boris Johnson dropped out and his rival Penny Mordant failed to collect the required number of signatures to run. , following a blitzkrieg sparked by Liz Truss’s resignation as Prime Minister
HSBC: Sunak should ensure the country remains globally competitive
His emergence Rishi Sunak to Britain’s prime minister will help stabilize markets after a period of turmoil, but his new team must ensure it focuses on making London competitive as a global financial centre, HSBC’s chief executive said today.
Sunak has said the country faces a “significant economic challenge” after he was chosen to lead the country by the ruling Conservative Party.
He is expected to be appointed prime minister by King Charles later in the day.
His task will be to restore Britain’s economic credibility after his predecessor Liz Truss caused a crisis of investor confidence with her plans for huge tax cuts.
“We are very pleased that a decision has been made on the position of the UK prime minister, which now allows the markets to stabilize, as you can see from the way the markets reacted yesterday, that is positive,” the chief executive told Reuters HSBC’s Noel Quinn following the bank’s third quarter earnings announcement.
Sunak’s successful bid to become prime minister after his rivals withdrew their candidacy brought relief to jitters about the country’s economic outlook, analysts say, boosting domestic markets and easing borrowing costs.
Quinn said the Sunak government should work with the financial industry to ensure Britain’s regulatory environment remains globally competitive, while not sacrificing the country’s reputation for prudence.
“There are some areas where I think there is room for improvement to spark more competition,” Quinn added, commenting that “it’s important for City to stay competitive.”
Source: News Beast
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