Rishi Sunak: UK's history maker gambling on general election turnaround


Tim Stickings
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Rishi Sunak made history as the UK's first British Asian Prime Minister but his future will be in the hands of British voters when they deliver their verdict at a July election.

Polls suggest Mr Sunak, 44, faces a huge uphill battle to keep his Conservative Party in power after years of political and economic turmoil in Britain.

With an image as a slick operator and safe pair of hands, Mr Sunak promised stability and a focus on bread-and-butter voter priorities after taking power in 2022.

In his 19 months in office he has staked his reputation on a pledges to lift Britain's economic mood, cut hospital waiting times and curb illegal immigration.

He called the election after making the greatest progress to date on any of those pledges when inflation fell to 2.3 per cent, its lowest level in three years.

In choosing July 4 – the earliest possible date for the election in the "second half of this year" he promised – he is gambling that better economic news will persuade voters to "stick to the plan".

He is also promising security at a time of rising extremism but his other pledges have yet to come off and he is weighed down by deep dissatisfaction with the Tories after 14 turbulent years in power.

Rishi Sunak through the years - in pictures

  • British Prime Minister Rishi Sunak announces July 4 as the date for the 2024 general election at No 10 Downing Street. Here, The National looks back at his political career. Getty Images
    British Prime Minister Rishi Sunak announces July 4 as the date for the 2024 general election at No 10 Downing Street. Here, The National looks back at his political career. Getty Images
  • Mr Sunak during local election campaigning in Teesside in May 2024. Getty Images
    Mr Sunak during local election campaigning in Teesside in May 2024. Getty Images
  • Mr Sunak presents cupcakes to journalists on board a plane on the way to Warsaw in April 2024. Getty Images
    Mr Sunak presents cupcakes to journalists on board a plane on the way to Warsaw in April 2024. Getty Images
  • Mr Sunak during a press conference in Downing Street in January after the Safety of Rwanda Bill passed its third reading in the House of Commons. Getty Images
    Mr Sunak during a press conference in Downing Street in January after the Safety of Rwanda Bill passed its third reading in the House of Commons. Getty Images
  • Being applauded after his speech at the Conservative Party conference in October 2023. Getty Images
    Being applauded after his speech at the Conservative Party conference in October 2023. Getty Images
  • Looking pensive alongside then-home secretary Suella Braverman at No 10 in October 2023. She didn't last much longer in the cabinet. Getty Images
    Looking pensive alongside then-home secretary Suella Braverman at No 10 in October 2023. She didn't last much longer in the cabinet. Getty Images
  • Mr Sunak sits in an old Special Branch police vehicle which was used to transport former prime minister Margaret Thatcher, in July 2023. Getty Images
    Mr Sunak sits in an old Special Branch police vehicle which was used to transport former prime minister Margaret Thatcher, in July 2023. Getty Images
  • On board Border Agency cutter HMC Seeker during a visit to Dover in June 2023. Getty Images
    On board Border Agency cutter HMC Seeker during a visit to Dover in June 2023. Getty Images
  • Mr Sunak alongside European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, US President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz during the G7 Summit in May 2023. Getty Images
    Mr Sunak alongside European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, US President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz during the G7 Summit in May 2023. Getty Images
  • Rishi Sunak and his wife Akshata Murty have a multimillion-pound personal fortune. Getty Images
    Rishi Sunak and his wife Akshata Murty have a multimillion-pound personal fortune. Getty Images
  • Mr Sunak and Chancellor Jeremy Hunt sending a message at Accrington Market Hall in January 2023. Getty Images
    Mr Sunak and Chancellor Jeremy Hunt sending a message at Accrington Market Hall in January 2023. Getty Images
  • Mr Sunak and Ukrainian President Volodymyr Zelenskyy meet in Ukraine's capital Kyiv in November 2022. Getty Images
    Mr Sunak and Ukrainian President Volodymyr Zelenskyy meet in Ukraine's capital Kyiv in November 2022. Getty Images
  • King Charles III welcomes Mr Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government in October 2022. Getty Images
    King Charles III welcomes Mr Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government in October 2022. Getty Images
  • Mr Sunak makes a statement outside No 10 in October 2022 after taking office. Getty Images
    Mr Sunak makes a statement outside No 10 in October 2022 after taking office. Getty Images
  • Mr Sunak arrives inside Number 10 in October 2022. Photo: Simon Walker/ No 10 Downing Street
    Mr Sunak arrives inside Number 10 in October 2022. Photo: Simon Walker/ No 10 Downing Street
  • Greeted by colleagues at Conservative Party HQ after having been announced winner of the leadership contest in October 2022. Getty Images
    Greeted by colleagues at Conservative Party HQ after having been announced winner of the leadership contest in October 2022. Getty Images
  • Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September 2022. PA
    Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September 2022. PA
  • Mr Sunak visits his family's old business, Bassett Pharmacy, on the campaign trail in August 2022. Getty Images
    Mr Sunak visits his family's old business, Bassett Pharmacy, on the campaign trail in August 2022. Getty Images
  • Mr Sunak looks at an NLAW anti-tank launcher during a visit to the Thales Defence System plant in Belfast in August 2022. Getty Images
    Mr Sunak looks at an NLAW anti-tank launcher during a visit to the Thales Defence System plant in Belfast in August 2022. Getty Images
  • At a hustings event in Exeter in August 2022. Getty Images
    At a hustings event in Exeter in August 2022. Getty Images
  • Celebrates England's first goal as he watches the Women's Euro 2022 final in Salisbury in July 2022. Getty Images
    Celebrates England's first goal as he watches the Women's Euro 2022 final in Salisbury in July 2022. Getty Images
  • Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July 2022. Getty Images
    Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July 2022. Getty Images
  • With daughters Krisna and Anoushka and wife Akshata Murthy in July 2022. Getty Images
    With daughters Krisna and Anoushka and wife Akshata Murthy in July 2022. Getty Images
  • Opening the Great Ayton Village Fete during the queen’s Platinum Jubilee celebrations in June 2022. Getty Images
    Opening the Great Ayton Village Fete during the queen’s Platinum Jubilee celebrations in June 2022. Getty Images
  • Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February 2022. Getty Images
    Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February 2022. Getty Images
  • Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty Images
    Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty Images
  • Holding the budget box as he departs 11 Downing Street to deliver his Autumn Budget in October 2021. Getty Images
    Holding the budget box as he departs 11 Downing Street to deliver his Autumn Budget in October 2021. Getty Images
  • At a press conference on the 2021 Budget in London in March 2021. Getty Images
    At a press conference on the 2021 Budget in London in March 2021. Getty Images
  • With former prime minister Boris Johnson during a visit to PD Ports on the River Tees in March 2021. Getty Images
    With former prime minister Boris Johnson during a visit to PD Ports on the River Tees in March 2021. Getty Images
  • Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty Images
    Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty Images
  • Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
    Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
  • Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
    Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
  • Lighting a candle for Diwali on Downing Street, November 2020. Getty Images
    Lighting a candle for Diwali on Downing Street, November 2020. Getty Images
  • Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
    Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
  • Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty Images
    Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty Images
  • With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
    With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
  • Decorating a plate at Emma Bridgewater pottery in Stoke pottery in September 2020. Getty Images
    Decorating a plate at Emma Bridgewater pottery in Stoke pottery in September 2020. Getty Images
  • Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty Images
    Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty Images
  • A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
    A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
  • Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
    Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
  • Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
    Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
  • With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty Images
    With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty Images
  • Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty Images
    Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty Images

Family background

Born in England to a family of Indian descent, Mr Sunak is the UK's first Hindu and first British Asian leader – a landmark that won him cross-party congratulations.

At only 42, he also became Britain's youngest prime minister since Lord Liverpool in 1812.

Assuming power during Diwali in October 2022, he wore a garland of flowers to celebrate the Hindu festival of lights on his first full day in No 10 Downing Street.

While inspiring pride among some of Britain's ethnic minorities, Mr Sunak has also failed to shake off an image of wealth and privilege.

Educated in the prestigious classrooms of Winchester College and the University of Oxford, he and his wife Akshata Murty have an estimated $673 million (£528 million) fortune.

Ms Murty owns a stake in Infosys, a $64 billion Indian IT company co-founded by her billionaire father. The couple have two daughters.

Rishi Sunak and his wife Akshata Murty have a multimillion-pound personal fortune. Getty Images
Rishi Sunak and his wife Akshata Murty have a multimillion-pound personal fortune. Getty Images

A former investment banker with a fascination for tech and AI, Mr Sunak entered politics in 2015 when he was elected Conservative MP for Richmond, Yorkshire.

A supporter of Brexit, his rise in party ranks was rapid and he was a cabinet minister by 2019, when Boris Johnson made him a minister in the Treasury.

He became chancellor of the exchequer in February 2020 in a role that would massively raise his profile during the Covid-19 pandemic.

His £410 billion spending spree kept millions of people afloat during the dark days of lockdown and job furloughs.

While known for a media-savvy social media presence, he did not emerged unscathed from Covid-era scandal as he was fined over an illegal Downing Street birthday party.

The drumbeat of scandal would ultimately bring down the Johnson government, which collapsed after Mr Sunak resigned in July 2022.

Rishi Sunak was first appointed to the cabinet by Boris Johnson but later had a role in his boss's downfall. PA
Rishi Sunak was first appointed to the cabinet by Boris Johnson but later had a role in his boss's downfall. PA

Defeat and comeback

Mr Sunak lost the subsequent Conservative leadership election to right-wing rival Liz Truss, but he was given a second chance when her gung-ho economic agenda collapsed within 49 days.

Tory MPs desperate for stability rallied around Mr Sunak and he was crowned leader without a vote being cast – even though some never forgave him for his role in Mr Johnson's downfall.

After being appointed by King Charles III he stood on the steps of No 10 Downing Street promising to restore "stability and confidence".

There were early signs of the stability he promised as financial markets calmed and post-Brexit differences were patched up with France and the EU.

In January 2023 he made his five pledges to halve inflation, grow the economy, cut national debt, reduce hospital waiting lists and stop illegal immigration over the English Channel.

His campaign to "stop the boats" has been beset by delays although he finally claimed a win last month when a first illegal migrant voluntarily left for Rwanda under a controversial scheme.

Rishi Sunak's childhood landmarks - in pictures

  • Rishi Sunak was born in Southampton on the south coast of England. Here he is pictured visiting his family's old business, Bassett Pharmacy, in Southampton, during his campaign to be leader of the Conservative Party in August. PA
    Rishi Sunak was born in Southampton on the south coast of England. Here he is pictured visiting his family's old business, Bassett Pharmacy, in Southampton, during his campaign to be leader of the Conservative Party in August. PA
  • The childhood home of Mr Sunak: 21, Spindlewood Close, in Southampton. Getty Images
    The childhood home of Mr Sunak: 21, Spindlewood Close, in Southampton. Getty Images
  • The former Oakmount Prep School where Rishi Sunak was a pupil before going on to Winchester College. The school closed in 1989. Getty Images
    The former Oakmount Prep School where Rishi Sunak was a pupil before going on to Winchester College. The school closed in 1989. Getty Images
  • The Vedic Society Hindu Temple in Southampton, which was established by Ramdas Sunak, Mr Sunak's grandfather. Getty Images
    The Vedic Society Hindu Temple in Southampton, which was established by Ramdas Sunak, Mr Sunak's grandfather. Getty Images
  • The Vedic Society Hindu Temple prepares to celebrate the Hindu New Year. Mr Sunak's family were regulars at the temple during his childhood. Getty Images
    The Vedic Society Hindu Temple prepares to celebrate the Hindu New Year. Mr Sunak's family were regulars at the temple during his childhood. Getty Images
  • The Raymond Road Doctors Surgery where Yashvir Sunak, Rishi Sunak's father, practiced medicine in Southampton. Getty Images
    The Raymond Road Doctors Surgery where Yashvir Sunak, Rishi Sunak's father, practiced medicine in Southampton. Getty Images
  • The former site of Kuti's Brasserie in Oxford Road Southampton, where Mr Sunak worked shifts in the 1990s. Getty Images
    The former site of Kuti's Brasserie in Oxford Road Southampton, where Mr Sunak worked shifts in the 1990s. Getty Images
  • Southampton Football Club's St Mary's Stadium. Mr Sunak claims to be a big fan of his home-town team. Getty Images
    Southampton Football Club's St Mary's Stadium. Mr Sunak claims to be a big fan of his home-town team. Getty Images

The waiting lists drive was hit by a pay dispute with doctors while the economy has slipped back into recession, foiling another pledge.

Last year he angered climate campaigners by watering down some of Britain's net-zero pledges, saying he was putting the UK on a more realistic path.

Amid wars in the Middle East and Ukraine he has recently put a focus on security and promised to raise the UK's defence spending.

The sometimes ugly fallout from the Israel-Gaza war has also prompted an anti-extremism drive to tackle what Mr Sunak called a "poison" in British society.

While he has presided over an uneasy calm in relentless Tory warfare, an undercurrent of scandal has continued to plague the party under Mr Sunak's leadership.

An election win on July 4 would be one of Britain's biggest political upsets and require political skill that many feel Mr Sunak has lacked to date.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

SPECS
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Updated: May 24, 2024, 7:43 AM