Rishi Sunak begins reshuffle as Malthouse and Rees-Mogg leave firm – latest updates

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Rishi Sunak becomes the UK’s third Prime Minister this year

Rishi Sunak has begun his cabinet reshuffle, with Business Secretary Jacob Rees-Mogg the first to go as Mr Sunak assembles his best team.

Education Secretary Kit Malthouse, Secretary of State for Wales Robert Buckland and Conservative party chairman Jake Berry have all been eliminated and will return to the backbenches.

The Prime Minister warned the public that the country was facing a “deep economic crisis” in his maiden speech.

In a swipe at his predecessor Liz Truss, Mr Sunak said “mistakes have been made” by his government.

He also stressed the need to trust government – in an apparent reference to Boris Johnson’s premiership.

“This government will demonstrate integrity, professionalism and accountability at all levels. Trust is earned and I will earn yours,” he said.

“I fully appreciate how difficult things are,” Mr Sunak said.

Earlier today, Liz Truss tendered her resignation to the King after making a final speech outside No 10. The Palace said the King was “graciously delighted to accept” Ms Truss’s resignation.

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What controversies has Rishi Sunak been involved in?

Rishi Sunak will be a familiar face to most after serving as Boris Johnson’s chancellor throughout the Covid-19 pandemic, when he led the £69billion furlough scheme to keep people in and out of work. Eat Out to Help Out campaign to encourage economic growth and his ultimately unsuccessful race to prevent Ms Truss from becoming PM earlier this summer.

He was also caught up in a number of controversies during his tenure as chancellor. Read all about them here:

Holly BancroftOctober 25, 2022 2:26 p.m.

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Environment secretary leaves cabinet

Environment Secretary Ranil Jayawardena has resigned from the cabinet, eschewing Rishi Sunak’s ‘new team’.

Holly BancroftOctober 25, 2022 2:25 p.m.

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Public ‘furious’ at not having had the chance to vote in the general election: Ed Davey

Liberal Democrat leader Sir Ed Davey said the Tories “don’t trust the British people”.

Addressing the BBC Today programhe said people were “furious” at not being given a chance to speak out and that his party would work with “any MP” to push for an election.

The Liberal Democrat leader said he planned spending cuts and measures that would fail to care for the poorest in society from Rishi Sunak’s government.

He said: ‘We think we need a general election now, we believe that, but it’s increasingly clear that the Tories don’t trust the British people.

“They won’t give people a say and, let me tell you, people are furious about it.

“We are happy to work with any MP who is willing to give people a chance to have their say.”

He added: “I think (Sunak) will cut public spending. I’m not sure he’s going to take care of the less fortunate in society.

(PENNSYLVANIA)

Holly BancroftOctober 25, 2022 2:24 p.m.

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Conservative party chairman Jake Berry quits cabinet

Conservative party chairman Jake Berry has said he will step down, as Rishi Sunak prepares to assemble his best team.

Holly BancroftOctober 25, 2022 2:16 p.m.

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Robert Buckland steps down as Secretary of State for Wales

Robert Buckland has resigned as Secretary of State for Wales and said he would support Rishi Sunak from the back benches.

Holly BancroftOctober 25, 2022 2:15 p.m.

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Kit Malthouse has stepped out as Education Secretary, a source close to the MP has said PENNSYLVANIA.

Holly BancroftOctober 25, 2022 2:12 p.m.

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Where does Rishi Sunak live? Inside the Prime Minister’s multi-million pound homes

The list, announced in May, placed Mr Sunak and his wife, Akshata Murthy, at number 222 with an estimated net worth of £730million.

While Mr Sunak made his fortune working as an analyst for Goldman Sachs before working at several hedge funds, most of the money came from Murthy’s £690m stake in his family business.

Maryam Zakir-HussainOctober 25, 2022 2:10 p.m.

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In photos: Rishi Sunak arrives in Downing Street

Britain’s new Prime Minister Rishi Sunak arrived in Downing Street earlier today to cheers.

In his maiden speech to the Prime Minister, he promised to unite the Conservatives and “fix the mistakes” of his predecessor.

(Simon Walker/10 Downing Street)

(Simon Walker/10 Downing Street)

Maryam Zakir-HussainOctober 25, 2022 2:03 p.m.

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Pound rises after new Prime Minister Rishi Sunak enters No 10

Financial markets reacted positively to Rishi Sunak’s entry into 10 Downing Street.

The British pound was around 0.4 cent more expensive, trading around 0.3% against the dollar at just over 1.13, Thomas Kinsley writing.

The yield on government bonds fell slightly on the day to 3.72%, remaining below where it was before the announcement of the mini-budget just over a month ago.

The FTSE 100 remained largely indifferent. It had already fallen before Mr Sunak took the top job and was down around 0.5% at 6,977 points shortly after noon.

Maryam Zakir-HussainOctober 25, 2022 2:00 p.m.

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Rishi Sunak’s billionaire father-in-law congratulates him on becoming prime minister

Britain’s next prime minister, Rishi Sunak, has been praised by his father-in-law, billionaire businessman NR Narayana Murthy, as he is set to become the first leader of Indian descent and the third leader curator to the highest post in three months.

Mr Sunak is married to Akshata Murthy and is the son-in-law of Mr Murthy, one of India’s wealthiest businessmen, often hailed as the father of the country’s information technology (IT) boom .

“Congratulations to Rishi. We are proud of him and wish him much success. We are confident that he will do his best for the people of the UK,” the co-founder of IT giant Infosys said in a statement on Tuesday.

Mr. Sunak himself is the son of a pharmacist mother and a general practitioner father.

Read the full story here:

Holly BancroftOctober 25, 2022 1:55 p.m.

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