Rishi Sunak Is Favorite To Be Britain’s Next Prime Minister—Here’s What To Know

Topline

Former finance minister Rishi Sunak is the clear frontrunner to become Britain’s next prime minister and the third person to assume the mantle this year in the hopes of soothing the political and economic omnishambles left behind from Liz Truss’ brief tenure, after she replaced Boris Johnson.

Key Facts

News Peg

Truss abruptly resigned as prime minister last week after just six weeks on the job, the shortest tenure in British history. Her departure, following weeks of financial turmoil from her fiscal policies and constant political u-turning, kicked-off another contest to select the leader of the Conservative Party, who will go on to be prime minister. The rules require contenders to garner support of 100 MPs to back their claim, effectively limiting the field to three candidates. Penny Mordaunt, the leader of the House of Commons and runner up to Sunak and Truss in the last contest, has said she is running but does not yet appear to have sufficient support. Former Prime Minister Johnson, whose ousting led to Truss’ premiership, was widely tipped to throw his hat in the ring. He never formally announced his intention to do so, however, though a number of lawmakers nevertheless flocked to his banner (it is unclear whether support was strong enough to secure him a slot on the ballot to dues paying Party members). On Sunday, Johnson said he would not pursue leadership again, leaving Sunak the clear favorite.

Forbes Valuation

$4.5 billion. That’s the estimated net worth of N.R. Narayana Murthy, an Indian programmer who co-founded tech giant Infosys, according to Forbes’ real time tracker. Murthy’s daughter, Akshata Murty, married Sunak after the two met when working towards an MBA at Stanford University.

What We Don’t Know

If Sunak is enough to calm the political storm. Sunak is a divisive figure within his own party, which could make gaining enough support to rule difficult. Strife within the Conservative Party over picking another leader, exemplified by the potential return of Johnson, the Tories’ incredible unpopularity in polls and the prospect of installing a third prime minister without another election has opposition parties and the public clamoring for another general election. Constitutionally, any prime minister that can command a majority in the House of Commons has a right to serve in the U.K. until the next general election and there are no set dates for these. Under current rules, the next election can be held no later than January 2025 and the Tories are not obligated to do so until then. They are unlikely to do so as polls project a devastating defeat, possibly so bad as to push the Conservatives out of opposition as well as government. To call an election, a prime minister must formally seek one from King Charles III or the government must lose either a formal confidence motion or a vote it has billed as a confidence issue.

What To Watch For

King Charles III will ask Truss’ replacement to form a new government in his name. This will be the first time he has done so since taking the throne, as Truss took office days before his mother, Queen Elizabeth II, died.

Further Reading

From fighter to quitter: the ‘weird’ rise and fall of Liz Truss (Observer)

Liz Truss Is The U.K.’s New Prime Minister. Here’s What To Know About Boris Johnson’s Successor (Forbes)

U.K. Prime Minister Liz Truss Resigns After 6 Turbulent Weeks In Office (Forbes)