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☆ Rishi Sunak is worth almost $850 million, making him Britain's richest prime minister. Here's why that could be a big problem.
▼ + stars: | 2022-10-30 | by ( Ryan Hogg | Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

UK Prime Minister Rishi Sunak is worth about $850 million according to the Sunday Times Rich List. With wealth that rivals King Charles III, the former finance minister is the richest UK leader ever. The 42-year-old former chancellor (finance minister) has a net worth of £730 million ($847 million) according to the Sunday Times Rich List, and was ranked 222nd in May. Queen Elizabeth II was estimated to be worth about $440 million before her death, according to the Sunday Times. The ex-finance minister has a 19th century, Grade II-listed mansion in Yorkshire as well as a London home worth millions.

☆ Britain's new PM is almost a billionaire — with a net worth twice that of King Charles
▼ + stars: | 2022-10-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Rishi Sunak and his wife Akshata Murty have an estimated combined wealth of £730 million ($800 million). Dan Kitwood | Getty Images News | Getty ImagesLONDON — Britain's new Prime Minister Rishi Sunak made history as the country's first leader of color and its youngest in recent centuries, taking office aged just 42. He also breaks the record for being the wealthiest-ever occupant of Downing Street — with a fortune estimated to exceed that of King Charles III. A net worth of $844 millionTogether, the couple has an estimated fortune of £730 million ($844 million), according to the Sunday Times Rich List. King Charles III welcomes Rishi Sunak during an audience at Buckingham Palace, London, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government.

LONDON, Oct 28 (Reuters) - Fresh vegetables and fish are falling off the menu. Joanne Farrer used to regularly serve her three children roast beef dinners or stews packed with fresh vegetables. Volume sales of fresh vegetables fell by more than 6% and fresh meat by over 7% in August, for example, while sales of snacks and candy rose almost 4%. "We also know that cheap highly processed foods are the ones most likely to cause obesity." "If fresh food is cheaper then we'll get that, but it's not often on offer."

Although it is clearly a historic achievement, we should not be fooled into thinking this is a milestone for the U.K.’s minority communities. Sunak, and the ruling Conservative Party he now heads, have been no champions of minority communities like mine. Sunak pointed to his pride in being an immigrant in such a country of opportunity in an early campaign video. Yet it is people of color who make up much of the working-class population that Sunak avoids associating with. Although politicians like Sunak come from immigrant communities, their policies have been to those communities’ detriment.

☆ World Cup: UK foreign secretary under fire for saying LGBT soccer fans should be "respectful" at Qatar 2022
▼ + stars: | 2022-10-27 | by ( Amy Cassidy | ) edition.cnn.com time to read: +5 min

CNN —British Foreign Secretary James Cleverly is receiving backlash for suggesting gay soccer fans should be “respectful” in Qatar when attending the FIFA World Cup set to take place in the Gulf Arab state later this year. “One of the things I would say to the football fans is you know, please do be respectful of the host nation. “Two football fans going as a couple can’t hold hands? Leon Neal/Getty ImagesOn Tuesday, British LGBTQ activist Peter Tatchell protested by himself outside the Qatar national museum ahead of the World Cup. Wearing the armband together on behalf of our teams will send a clear message when the world is watching.”

Sunak became prime minister on Monday, and has delayed an autumn fiscal statement to Nov. 17 as he looks to tackle a cost-of-living crisis and restore international economic credibility damaged in the short tenure of his predecessor Liz Truss. Truss had been expected to attend, but on Thursday Sunak's Downing Street office said the new prime minister was not planning to go to the summit. "The Prime Minister is not expected to attend the summit in Egypt due to other pressing domestic commitments, including preparations for the autumn statement," a Downing Street spokesperson said. The spokesperson said that Britain remained "absolutely committed to supporting COP27 and leading international action to tackle climate change and protect nature," having hosted the COP26 summit in Glasgow last year. The opposition Labour Party criticised Sunak's decision to skip the summit, with its climate change policy spokesperson calling it a "big mistake."

☆ 'Unite or die': The UK's new prime minister scrambles to save the Conservative Party
▼ + stars: | 2022-10-27 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

U.K. Prime Minister Rishi Sunak appointed his cabinet to include members from across warring factions of the Conservative Party. LONDON — Britain has a new prime minister, Rishi Sunak, who, in his inaugural speech outside Downing Street, vowed to "unite" the country as it faces myriad challenges. In doing so, he also pledged to unify the deep divisions within his own ruling Conservative Party — a group on whose support he desperately depends if he's to succeed in his new role. The Conservative Party — which has been in power in the U.K. since 2010 — has grown increasingly fractured since the 2016 Brexit vote, which splintered the party across ideologically opposed factions. The party now realizes the consequences of being divided are huge — and potentially fatal.

☆ Fact Check-Video of Rishi Sunak lighting candles on Downing Street for Diwali taken in 2020
▼ + stars: | 2022-10-26 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A 2020 video shared on social media of Rishi Sunak lighting candles outside a door on Downing Street has been mistakenly captioned as a Hindu ritual before he took office as prime minister in October 2022. Social media posts that suggest the clip was captured in October 2022 outside 10 Downing Street in relation to Sunak’s new job has attracted thousands of comments. One caption added by a Twitter user said: “The new UK PM performing his spiritual/traditional rituals before entering his new office,” (here). But the video dates from 2020 when Sunak was finance minister, and it shows him lighting candles outside 11 Downing Street, his residence at the time, ahead of Diwali celebrations (bit.ly/3sv8anJ). The video that shows Sunak lighting candles for Diwali is from 2020.

☆ What do Indians think about Rishi Sunak’s rise? Like UK-India relations, it’s complicated
▼ + stars: | 2022-10-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +13 min

Now, an Indian-origin man has become the Prime Minister of England,” a Zee News anchor said. Leon Neal/Getty Images Sunak and Boris Johnson watch as a sheep is sheared during a visit to a farm in North Yorkshire, England, in July 2019. Danny Lawson/PA Images/Getty Images Sunak speaks during a general election debate in Cardiff, Wales, in November 2019. Hollie Adams/Bloomberg/Getty Images Sunak and Murty are seen with their daughters, Krishna and Anoushka, while campaigning in Grantham, England, in July 2022. Indian Prime Minister Narendra Modi suggested as much in a tweet welcoming Sunak’s appointment.

LONDON, Oct 26 (Reuters) - British Prime Minister Rishi Sunak will gather his newly appointed cabinet for the first time on Wednesday, a day after taking power with a promise to fix the mistakes of his predecessor and stabilise the economy. "(Sunak), of course, will want to take some time to work on the detail on that," Cleverly said. As Britain's third prime minister this year, Sunak faces a daunting list of problems beyond the economic crisis, including how to unite and rebuild a fractured party whose reputation has been shredded by months of scandals and rows. "The hard work begins now and together, the prime minister's new cabinet will deliver for the British people," a source in his Number 10 Downing Street office said in a statement. ($1 = 0.8718 pounds)Reporting by William James; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 26 (Reuters) - Britain's new Prime Minister Rishi Sunak earned cheers from his lawmakers and plaudits from political commentators on Wednesday as he locked horns with the opposition Labour Party in parliament for the first time since becoming leader. "My record is, when times are difficult in this country I will always protect the most vulnerable," Sunak said to vociferous support from the Conservative benches in the House of Commons. Britain's Prime Minister Rishi Sunak walks outside Number 10 Downing Street, in London, Britain, October 26, 2022. Sunak's Conservatives saw their standing in opinion polls sink to multi-year lows as Truss stumbled through her six weeks as prime minister. "The only time he ran in a competitive election, he got trounced by the former prime minister who herself got beaten by a lettuce," Starmer said.

☆ Rishi Sunak becomes British prime minister after meeting with King Charles III
▼ + stars: | 2022-10-25 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Alex-Smith-Circle-Byline-Template.Jpg | Alexander Smith | ) www.nbcnews.com time to read: +3 min

Truss became the 15th prime minister of Queen Elizabeth II’s reign just 49 days ago — the shortest term in British political history. Her short time as prime minister had, she said, left her "more convinced than ever that we need to be bold and confront the challenges that we face." "Rishi Sunak really is facing an absolutely gargantuan challenge," Tim Bale, a politics professor at Queen Mary University of London, told NBC News. "He does face really, really big problems that are not just economic but also, of course, electoral." At 42, Sunak will be the youngest prime minister in more than 200 years.

☆ Sterling rises as Sunak prepares to become PM, euro awaits ECB hike
▼ + stars: | 2022-10-25 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

LONDON, Oct 25 (Reuters) - Sterling rose on Tuesday supported by improved risk sentiment as Rishi Sunak prepared to become Britain's prime minister, while the euro steadied ahead of an expected rate hike by the European Central Bank (ECB) on Thursday. The U.S. dollar edged up but was not far from its lowest level in October amid signs Federal Reserve rate hikes are slowing the world's biggest economy. Sunak will become Britain's next prime minister, Downing Street said on Monday. Sterling edged toward this month's highs, up 0.3% to $1.13125 at 0825 GMT but currency strategists expected the currency, down more than 16% against the dollar this year, to remain under pressure. "Should the current level of UK political noise ease we would be wary of sterling continuing to cheapen versus both the U.S. dollar and euro".

☆ UK's Rishi Sunak inherits in-tray of anarchy as he takes over as PM of country in crisis
▼ + stars: | 2022-10-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Rishi Sunak has been named as the U.K.'s new prime minister and the country's first leader of color. Sunak's officiation is momentous not least in that it marks Downing Street's first prime minister of color and the U.K.'s youngest leader of modern times. Uniting a divided Conservative PartySunak's task as prime minister is further complicated by deep and severe divisions within the ruling Conservative Party. Rishi Sunak is tasked with a daunting in-tray as the U.K.'s new prime minister, including a crisis in public finances, political infighting and soaring energy bills. Chris Mcgrath | Getty Images News | Getty Images

☆ Factbox: Dominic Raab returns to government as deputy PM under Sunak
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 25 (Reuters) - British lawmaker Dominic Raab was appointed deputy prime minister and minister of justice on Tuesday, returning to the roles he held for a year until September. Here are five facts about Raab:- Raab, 48, lost his roles as deputy prime minister and justice minister when Liz Truss entered Downing Street earlier this year and has been a staunch supporter of now Prime Minister Rishi Sunak in two leadership campaigns. - As deputy prime minister under Boris Johnson, Raab had to step in when the former leader was hospitalised in intensive care with COVID-19 in April 2020. - Raab is a hardline eurosceptic, who long campaigned for Britain to leave the European Union and was appointed to Brexit minister in 2018 by another former prime minister, Theresa May. - Raab ran against Johnson to become leader of the Conservative Party and prime minister in 2019.

Average two-year and five-year fixed rates hit 6.65% and 6.51% on Thursday, according to Moneyfacts, the highest since 2008. FALLING PRICESA drop in gilt yields following Rishi Sunak's victory in the Conservative Party leadership race could potentially feed through to lower mortgage rates. But the number of loans available for first-time buyers remains at less than half those on offer before the mini-budget, according to Moneyfacts. NEW FIXESAs well as first-time buyers, brokers are dealing with thousands of people whose fixed rate mortgages are due to expire in the coming months. Redmond, who has had an offer accepted in east London, said it felt as though every turn of political event only made the fixed interest rate higher.

☆ Analysis: UK's Hunt faces triple threat from debt, recession and Conservative rebels
▼ + stars: | 2022-10-25 | by ( William Schomberg | ) www.reuters.com time to read: +5 min

Hunt, re-appointed to his job by new Prime Minister Rishi Sunak on Tuesday, is due to announce a budget plan on Oct. 31. Hunt, a former foreign and health minister, was rushed in as Truss's new finance minister after she fired her friend and fellow low-tax disciple Kwarteng less than two weeks ago in a bid to appease the markets. Hunt immediately ripped up Truss and Kwarteng's programme, reversing most of its 45 billion pounds of tax cuts, and he warned of tough decisions ahead to restore Britain's economic credibility. But the scale of the problem remains huge, with health, education and other public services in Britain under huge strain after more than a decade of tough controls on public spending. Just as important in the short term, Hunt and Sunak must decide what to do with Britain's hugely expensive energy price cap for homes and businesses.

☆ Rishi Sunak set to become UK PM after meeting King Charles
▼ + stars: | 2022-10-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +5 min

Rishi Sunak has been named as the U.K.'s new prime minister and the country's first leader of color. Jeff J Mitchell | Getty Images News | Getty ImagesLONDON — Rishi Sunak will become the U.K.'s third prime minister of the year Tuesday following a meeting with King Charles III. Sunak was elected party leader by fellow Conservative lawmakers on Monday following the resignation of Liz Truss on Thursday. watch nowThe 42-year-old will be the youngest U.K. prime minister since 1812, and the first person of color to lead the country, which U.S. President Joe Biden said Monday was "a groundbreaking milestone." Sunak's parents are of Indian descent and in the 1960s moved from East Africa to the U.K. Sunak also has the greatest personal wealth of any of his predecessors.

☆ UK's Rishi Sunak becomes richest ever occupant of Number 10
▼ + stars: | 2022-10-25 | by ( Alistair Smout | ) www.reuters.com time to read: +5 min

The wealth of Sunak's family puts him above the previous richest prime minister, who according to the Guineas Book of World Records was Edward Stanley. "Rishi Sunak's words will do nothing to reassure struggling people worried sick about the winter ahead," leader of the pro-EU Liberal Democrats Ed Davey said, calling Sunak "out-of touch". The couple faced criticism and public anger in April over Murthy's "non-domiciled" tax status which meant she did not pay tax in Britain on her earnings abroad. "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," Labour deputy leader Angela Rayner said in statement on Monday. "And it's the same Rishi Sunak whose family avoided paying tax in this country before he put up taxes on everyone else."

☆ Outgoing UK PM Truss: Brighter days lie ahead
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 25 (Reuters) - Outgoing British Prime Minister Liz Truss said the country faced "brighter days" as she made her final speech as leader outside her Downing Street office on Tuesday. And I know that brighter days lie ahead," Truss said. Register now for FREE unlimited access to Reuters.com Register1/3 Liz Truss delivers a speech on her last day in office as British Prime Minister, outside Number 10 Downing Street, in London, Britain, October 25, 2022. REUTERS/Hannah McKay Read More"From my time as prime minister, I am more convinced than ever, that we need to be bold and confront the challenges that we face," Truss said, before invoking Roman philosopher Seneca. Truss was Britain's shortest serving prime minister.

☆ UK economy: Rishi Sunak only has unpleasant choices as prime minister
▼ + stars: | 2022-10-25 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

There’s little appetite for government spending cuts after years of austerity in the wake of the 2008 global financial crisis. Plus, failing to help households deal with surging living costs could prove politically devastating and further weigh on the economy. Finance minister Jeremy Hunt got the ball rolling last week when he reversed £32 billion ($37 billion) in tax cuts that formed the bedrock of Truss’ plan to boost growth. Risk of a ‘doom loop’Investors and economists expect that the government will announce a mixture of tax increases and spending cuts shortly. No one wants to repeat the errors of the brief Truss era, when her gamble that unfunded tax cuts would jumpstart growth backfired spectacularly.

☆ Factbox: UK PM Rishi Sunak's new team of ministers
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

[1/10] Jeremy Hunt walks outside Number 10 Downing Street, in London, Britain, October 25, 2022. REUTERS/Henry NichollsLONDON, Oct 25 (Reuters) - British Prime Minister Rishi Sunak on Tuesday appointed key ministers to his government after replacing Liz Truss as leader earlier in the day. Below are the main Cabinet and ministerial appointments:Compiled by Sachin Ravikumar, Muvija M and William Schomberg; editing by William James and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ Here's how midterm elections could make or break the stock market
▼ + stars: | 2022-10-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

All that, plus there's the fast-approaching midterm elections that hold plenty more implications for investors. Historically, stocks shoot higher after midterm elections. Basically, the market usually reacts to midterms well because they are predictable in the sense that politicians can't make radical legislative changes. Attention stock market investors: The Fed could keep rates elevated for up to a year. Goldman Sachs detailed how to invest in each stock-market sector to best protect your portfolio from inflation and higher interest rates.

"Policy stability is absolutely critical," Miles Celic, chief executive of finance lobby group TheCityUK told Reuters. Finance chiefs want Sunak to balance spending on infrastructure with easing immigration policy for skilled workers and investing in education, Celic added. Sunak confirmed on Tuesday that he was keeping Hunt as his finance minister, after he was appointed late in Truss' brief premiership to shore up confidence in Britain's finances - and tear up much of her planned tax-cutting agenda. Britain's 164 billion pound ($185 billion) financial industry was largely locked out of directly serving EU customers after Brexit. Any moves to extract more tax from banks are likely to be met with industry opposition.

☆ 'Unloved, undervalued' UK stocks back in focus on Rishi Sunak stability hopes
▼ + stars: | 2022-10-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Britain's new Prime Minister Rishi Sunak walks past Larry the cat outside Downing Street, in London, Britain, October 25, 2022. "The fact that we have Rishi Sunak as prime minister is definitely calming on markets. We believe that it is under owned, it's unloved, undervalued, and there is some upside from here." Sunak in his inaugural speech outside Downing Street on Tuesday stressed the importance of "economic stability and confidence" while warning of "difficult decisions to come." Central to the potential stability narrative, as far as U.K. markets are concerned, is the assumption that the central bank will now be less aggressive in raising interest rates.

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