RISHI Sunak promised to fix Liz Truss’s mistakes as he warned the country was facing a profound economic crisis.
The new PM vowed to place economic stability and confidence at the heart of his Government’s agenda but admitted there would be difficult decisions to come.
Bracing the nation for further turmoil and painful cuts ahead, the youngest premier in 200 years insisted: “I am not daunted.”
Speaking on the steps of 10 Downing Street minutes after kissing the hand of King Charles, Mr Sunak admitted “some mistakes were made” by his predecessor in her disastrous 50 days in office.
He insisted Ms Truss’s failings were “not born of ill will or bad intentions, quite the opposite, in fact”. Yet he branded them “mistakes nonetheless”.
And he said he had been elected, in part, to fix them and “that work begins immediately”.
Shortly after his speech, the Pound soared to the highest level since before this month’s mini Budget and the cost of Government borrowing dropped.
In a nod to the need for stability, Jeremy Hunt was kept in place as Chancellor ahead of the update on the nation’s finances due in five days on Halloween.
Just an hour after Ms Truss defended her economic strategy in her farewell speech from the same spot, Mr Sunak stood outside No 10 criticising her brief tenure.
In Ms Truss’s farewell address on Downing Street, she wished her successor well with the mammoth task at hand, but warned he must be bold.
Pointing to the cost of living crisis and war in Ukraine, she said: “We continue to battle through a storm — but I believe in Britain, I believe in the British people and I know that brighter days lie ahead.”
While Mr Sunak said Ms Truss was not wrong to want to drive up growth, describing it as a “noble aim”, he added that his task was now fixing the disruption her tax cutting plans had caused.
He vowed to place “economic stability and confidence at the heart of this Government’s agenda”, after weeks of market turmoil.
“This will mean difficult decisions to come,” he said but promised to repeat the compassion he showed during the coronavirus pandemic.
And the former Chancellor also paid tribute to his old boss Boris Johnson in his speech.
He said: “I will always be grateful to Boris Johnson for his incredible achievements as Prime Minister and I treasure his warmth and generosity of spirit.
And addressing criticism that he had no backing from the public to lead, the new PM insisted Mr Johnson “would agree that the mandate my party earned in 2019 is not the sole property of any one individual; it is a mandate that belongs to and unites all of us.
“And the heart of that mandate is our manifesto. I will deliver on its promise.”
After days of silence since pulling out of the race to replace Ms Truss, Mr Johnson finally congratulated the new PM shortly after his speech.
In a statement on Twitter, he called for “full and wholehearted support” from all Tories for their new leader.
In his near-six-minute speech, Mr Sunak also vowed not to leave future generations “with a debt to settle that we were too weak to pay ourselves”.
He went on the pledge to run a Government of “integrity, professionalism and accountability at every level” — and to strive to unite the country, putting its needs above party politics.
He said: “Trust is earned and I will earn yours.
“I will unite our country, not with words, but with action.
“I will work day in and day out to deliver for you.”
Recognising the cost of living crisis buffeting families, Mr Sunak said: “I fully appreciate how hard things are. And I understand too that I have work to do to restore trust after all that has happened.
“All I can say is that I am not daunted. I know the high office I have accepted and I hope to live up to its demands.
“But when the opportunity to serve comes along, you cannot question the moment, only your willingness.”
He has ruled out a general election but opposition critics say he must immediately go to the country.
Lib Dem Tim Farron said the appointment felt “very much like an arsonist asking for permission to help put out the fire”.
He added that not calling a general election would be “a sign of weakness not wisdom”.
And Labour railed: “The Tories have crowned Rishi Sunak as Prime Minister without him saying a single word about how he would run the country and without anyone having the chance to vote.
“This is the same Rishi Sunak who as Chancellor failed to grow the economy, failed to get a grip on inflation, and failed to help families with the Tory cost of living crisis.
“And it’s the same Rishi Sunak whose family avoided paying tax in this country before he put up taxes on everyone else.”
Good morning. I have just been to Buckingham Palace and accepted His Majesty The King’s invitation to form a government in his name.
It is only right to explain why I am standing here as your new Prime Minister.
Right now our country is facing a profound economic crisis. The aftermath of Covid still lingers.
Putin’s war in Ukraine has destabilised energy markets and supply chains the world over.
I want to pay tribute to my predecessor Liz Truss.
She was not wrong to want to improve growth in this country, it is a noble aim. And I admired her restlessness to create change.
But some mistakes were made.
Not born of ill will or bad intentions. Quite the opposite, in fact. But mistakes nonetheless.
And I have been elected as leader of my party, and your Prime Minister, in part, to fix them. And that work begins immediately.
I will place economic stability and confidence at the heart of this government’s agenda.
This will mean difficult decisions to come.
But you saw me during Covid, doing everything I could, to protect people and businesses, with schemes like furlough.
There are always limits, more so now than ever, but I promise you this: I will bring that same compassion to the challenges we face today.
The government I lead will not leave the next generation — your children and grandchildren — with a debt to settle that we were too weak to pay ourselves.
I will unite our country, not with words, but with action. I will work day in and day out to deliver for you.
This government will have integrity, professionalism and accountability at every level. Trust is earned. And I will earn yours.
I will always be grateful to Boris Johnson for his incredible achievements as Prime Minister, and I treasure his warmth and generosity of spirit.
And I know he would agree that the mandate my party earned in 2019 is not the sole property of any one individual, it is a mandate that belongs to, and unites, all of us.
And the heart of that mandate is our manifesto.
I will deliver on its promise: a stronger NHS, better schools, safer streets.
Control of our borders, protecting our environment, supporting our armed forces, levelling up and building an economy that embraces the opportunities of Brexit, where businesses invest, innovate, and create jobs.
I understand how difficult this moment is.
After the billions of pounds it cost us to combat Covid, after all the dislocation that caused in the midst of a terrible war that must be seen successfully to its conclusions I fully appreciate how hard things are.
And I understand too that I have work to do to restore trust after all that has happened.
All I can say is that I am not daunted. I know the high office I have accepted and I hope to live up to its demands.
But when the opportunity to serve comes along, you cannot question the moment, only your willingness.
So I stand here before you ready to lead our country into the future.
To put your needs above politics.
To reach out and build a government that represents the very best traditions of my party.
Together we can achieve incredible things.
We will create a future worthy of the sacrifices so many have made and fill tomorrow, and everyday thereafter with hope.
Thank you.
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