info@marketresearchfuture.com   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

UK Markets Respond As The Next PM, Rishi Sunak, Prepares To Take Office

By Indu Tyagi Ketan , 25 October, 2022

The markets are responding to the news of Rishi Sunak being the next prime minister of the UK after Liz Truss' 44 historic days in office. The markets have already stabilized on the belief that Sunak might be able to repair the UK's finances.

Mr. Johnson, who only recently resigned as prime minister, asserted that he had enough support to run but conceded that this was "not the right time." Sunak will take office at a time when Ex-PM Liz Truss' mini budget exacerbated an economic crisis and put pressure on public finances. Truss tweeted to congratulate him and offer her "full support" post the announcement.

His rival Penny Mordaunt withdrew after her inability to garner enough support from MPs. In his opening remarks, Mr. Sunak declared that uniting his party and the UK would be his "utmost priority." He is the first British Asian prime minister in more than 200 years and, at 42, also the youngest.

Prior to the announcement, the pound rose to $1.13 on Monday morning after Boris Johnson withdrew from the leadership race. The FTSE 100 also started the day higher by 0.5%, crossing the 7,000-point threshold for the first time in a week. Investors are now factoring in a slightly less hawkish hike from the Bank of England, just around 5%, which is lower than the 6% projected in the wake of the Government's dismal mini-budget. Ultimately, this can also result in lower monthly mortgage payments for homeowners.

Since the Conservatives won the most recent general election in 2019, Sunak will be the third prime minister to lead the party, leading to calls for an early election from Labour.

With Rishi Sunak as the Incoming Prime Minister, the FTSE 100 is Poised to Reach Session Highs.

Sunak.jpg

Latest News

2025.png
Honda and Renesas Collaborate for Next-Gen Software-Defined Vehicles in 2025

In January 2025, Honda Motor Co., Ltd. and Renesas Electronics Corporation declared a strategic collaboration to create a high-performance system on a chip (SoC) designed for Software Defined Vehicles (SDVs). This cooperation is intended to bolster…

Read More

2025.png
NVIDIA's Mega Omniverse Master Plan: Revolutionizing Robotics and AI by 2025

 In 2025, NVIDIA is set to transform AI and robotics with its Mega Omniverse Blueprint, a framework for designing, simulating, and optimizing robot fleets within the digital twins of industrial environments. This new initiative combines NVIDIA's…

Read More

Diseases.png
How Vaccines Helped Eradicate Deadly Diseases – A 2025 Breakthrough

Public health has benefited dramatically from vaccinations, which have helped completely eradicate or significantly lower the frequency of lethal illnesses. Vaccines will still be among the most potent weapons available in 2025 to stop global…

Read More

2025.png
Oil Prices Crash in 2025: Biggest Weekly Drop Amid Tariffs & Oversupply

Oil prices stay on track as United States (U.S.) sanctions on Canada and Mexico keep diverting the market and stable supply levels support a significant weekly decline in 2025. Reuters said this is the biggest weekly decline since October…

Read More

2025.png
Quadric and Denso Team Up to Progress Automotive AI Semiconductors for 2025

The automotive industry will benefit significantly from strategic partnerships in artificial intelligence (AI) and its use in cars. AI integration into automobiles is projected to improve considerably in the year 2025 due to the formation of various…

Read More

Author Pic
Indu Tyagi Ketan

Chief Strategy Officer