Rishi Sunak looks set to become next UK PM after Boris Johnson pulls out from race

After one of the most turbulent periods in British political history, Rishi Sunak appeared destined to succeed Boris Johnson as the country's next prime minister after the latter withdrew from the race.

On Monday, Sunak, a 42-year-old former finance minister, may become the third prime minister of Britain in less than two months, with the responsibility of bringing stability to a nation suffering from years of political and economic unrest.

The wealthy former head of a hedge fund would probably enact significant spending cuts in an effort to repair Britain's fiscal reputation as the nation is being pulled into a recession by rising energy and food prices.

Sunak declared his candidacy to lead the Conservative Party and become prime minister in a brief statement that began, "The United Kingdom is a great country but we face a profound economic crisis.

Since voting to leave the European Union in 2016, which sparked a battle at Westminster over the future of the nation that is still unresolved to this day, Britain has been caught in a perpetual state of crisis.

The most recent drama has caused shock in foreign capitals and ridicule in the international press.

Following a string of scandals, Johnson, the public face of the Brexit vote, was forced from office less than three years after leading his party to a resounding victory in 2019. His successor Liz Truss only held office for 44 days before resigning in protest of an economic strategy that destroyed the nation's economic credibility.

Despite possibly taking office in the coming hours, Sunak has not yet stated his plans for leading the nation. He will inherit a party split along ideological lines, and some lawmakers continue to hold him responsible for Johnson's downfall.

Many ministers and lawmakers felt embarassed after the former prime minister withdrew late on Sunday because they had supported his return to Downing Street only to have to reverse course and support Sunak hours later.

CHURN AND INSTABILITY

According to historian and political biographer Anthony Seldon, "it's quite without precedent to see so much churn and instability" since the start of the modern era of politics in 1832.

If Penny Mordaunt is unable to secure the support of 100 lawmakers by Monday at 2:00 p.m. (1300 GMT), Sunak could take over as prime minister and become the nation's first non-white premier.

Approximately 25 politicians have so far backed Mordaunt as the House of Commons leader. On Monday, a representative for her campaign claimed that she was "getting the numbers." Over 150 people have backed Sunak.

If she fell short of the mark, Sunak would take over as prime minister. The party's members, some of whom are believed to hold Sunak accountable for ousting Johnson, will choose the winner on Friday if she is put on the ballot.

Following Johnson's withdrawal from the race, Britain's borrowing costs, which had increased after Truss unveiled a "mini budget" with 45 billion pounds of unfunded tax cuts, decreased on Monday.

Despite the fact that Sunak has gained support from all of the party's various factions, analysts and economists said they remained skeptical about his ability to bring the party together.

On October 31, Jeremy Hunt, the fourth finance minister in four months, is scheduled to present a budget to close a financial gap in the government that could reach up to 40 billion pounds.

Guy Hands, the head of a private equity firm, claimed that the dominant political party in Britain was no longer capable of leading the nation and that it needed to admit that its plan for Brexit had failed. He said that millions were progressively becoming poorer.

"It needs to stop waging its own internal wars and concentrate on what needs to be done in the economy, admitting some of the mistakes it has made over the past six years that, quite frankly, have put this nation on a downward spiral.path to becoming Europe's sickest man," he told BBC Radio.

PARTY UNITY

At least some reassurance that Johnson won't challenge for the crown has been given to investors. After returning from a vacation in the Caribbean, the former prime minister hurried home to see if he could vote.

Even though he had enough support, he acknowledged on Sunday night that he needed a united party in parliament to effectively govern.

The Metro newspaper's front page headline read, "Boris has bottled it," as many lawmakers questioned whether he actually had the support of the required 100 lawmakers. Just over 50 people publicly declared their support for Johnson by Sunday.

After Sunak resigned as finance minister in the summer, sparking the uprising that led to Johnson's ouster, many of his supporters had previously accused him of betraying him.

Sunak first gained widespread recognition when, at the age of 39, he was appointed finance minister by Johnson just as the COVID-19 pandemic struck Great Britain and created the effective furlough program.

The former Goldman Sachs analyst would become the first prime minister of Indian descent to lead the United Kingdom if elected.

His family immigrated to Britain in the 1960s, a time when many people from the nation's former colonies immigrated there to aid in the nation's post-World War II reconstruction.

He attended Stanford University after earning his degree from Oxford University, where he met his future wife Akshata Murthy, whose father is Indian billionaire N. R. Narayana Murthy, the creator of the world's largest outsourcing company Infosys Ltd.