Former U.K. Chancellor, the crypto-friendly Rishi Sunak, has been appointed Prime Minister following a short leadership campaign.
Under the leadership campaign rules, each prospective candidate must obtain at least 100 nominations from Members of Parliament (MP) to advance to the next phase – a nationwide ballot of party members.
However, Sunak’s remaining rival, Penny Mordaunt, did not receive the minimum number of nominations from her fellow MPs. Yahoo reported that if Mordaunt fails to meet the minimum requirement by 14:00 on October 14, Sunak will win the leadership race by default.
Shortly after 14:00, Sir Graham Brady, Chair of the 1922 Committee, announced Sunak’s appointment following Mordaunt’s failure to garner enough support before the deadline.
BREAKING: Rishi Sunak will be the next Prime Minister after becoming the new leader of the Conservative Party.
More on this breaking story: https://t.co/41VLGeYvUh
Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/L1uLlLAumd
— Sky News (@SkyNews) October 24, 2022
Liz Truss out
Following the resignation of Boris Johnson, Liz Truss pipped Sunak to the Prime Minister position 57.4% to 42.6% on September 5, following a nationwide membership ballot,
However, after a disastrous 45 days in office, Truss resigned from her position On October 20 after losing her party’s support.
Her undoing was attributed to the “mini budget” delivered on September 23. It set out tax cuts, including the abolition of the 45% higher income tax rate and a U-turn on increasing corporation tax from 19% to 25%, set to take effect from April 2023.
The then Chancellor, Kwasi Kwarteng, who resigned on October 14, said the plan would accelerate the U.K.’s growth and improve living standards amid the cost of living crisis.
However, the market reaction was adverse, leading to the Bank of England being forced to intervene by buying bonds to avert a market collapse.
In response, critics circled, blasting her naivety on political and economic matters, making her position untenable in the end.
Sunak wants crypto innovation for the U.K.
Pro-crypto Brits were disappointed that Sunak lost out as Prime Minister for the first time.
The former Chancellor was instrumental in pushing the U.K. crypto hub agenda during his time at the Treasury. Many assumed this plan would accelerate had he beaten Truss during the previous leadership contest.
Recently, Sunak was asked what he would do to propel the U.K. into the crypto forefront on the global stage. He recounted his time as Chancellor to evidence his pro-crypto beliefs, saying he got it right.
Taking the issue outside of cryptocurrency and “how many Bitcoin you can buy,” Sunak added that there is also scope for the underlying blockchain technology to improve supply chains, bring about customs and borders efficiencies, and make banking cheaper and more accessible.
“I’m a deep believer that we should embrace technology and innovation as a way to improve all our lives and make things better, make things cheaper, make things faster…”
Concluding his response, Sunak said he wanted the U.K. to be the “home of that innovation,” and if appointed Prime Minister, “you better believe I want to see that come to fruition.”
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