• Britain's new Prime Minister Rishi Sunak delivers a speech outside Number 10 Downing Street. Reuters
    Britain's new Prime Minister Rishi Sunak delivers a speech outside Number 10 Downing Street. Reuters
  • King Charles III invites Mr Sunak to become prime minister and form a new government in an audience at Buckingham Palace. PA
    King Charles III invites Mr Sunak to become prime minister and form a new government in an audience at Buckingham Palace. PA
  • Mr Sunak promised to bring stability amid what he called a “profound economic crisis”. PA
    Mr Sunak promised to bring stability amid what he called a “profound economic crisis”. PA
  • The new prime minister is applauded as he enters Number 10. Photo: Simon Walker/ No 10 Downing Street
    The new prime minister is applauded as he enters Number 10. Photo: Simon Walker/ No 10 Downing Street
  • Mr Sunak is greeted by Cabinet Secretary and Head of the Civil Service Simon Case as he enters 10 Downing Street. AFP
    Mr Sunak is greeted by Cabinet Secretary and Head of the Civil Service Simon Case as he enters 10 Downing Street. AFP
  • A worker loads a removal van with boxes outside 10 Downing Street. Reuters
    A worker loads a removal van with boxes outside 10 Downing Street. Reuters
  • Members of the public wait for the arrival of Mr Sunak near Downing Street. AP
    Members of the public wait for the arrival of Mr Sunak near Downing Street. AP
  • Staff in the Foreign and Commonwealth Office watch from the windows as Mr Sunak arrives in Downing Street. PA
    Staff in the Foreign and Commonwealth Office watch from the windows as Mr Sunak arrives in Downing Street. PA
  • An Indian artist in Mumbai creates a painting to congratulate Mr Sunak on becoming prime minister. EPA
    An Indian artist in Mumbai creates a painting to congratulate Mr Sunak on becoming prime minister. EPA
  • Mr Sunak arrives at Buckingham Palace. PA
    Mr Sunak arrives at Buckingham Palace. PA
  • Incoming prime minister Rishi Sunak arrives at the Conservative Party's headquarters with a wave. AFP
    Incoming prime minister Rishi Sunak arrives at the Conservative Party's headquarters with a wave. AFP
  • Rishi Sunak is greeted by colleagues upon his arrival. AFP
    Rishi Sunak is greeted by colleagues upon his arrival. AFP
  • Conservative MPs applaud as Rishi Sunak arrives. Reuters
    Conservative MPs applaud as Rishi Sunak arrives. Reuters
  • Rishi Sunak departs after making a statement inside the Conservative Party's headquarters. PA
    Rishi Sunak departs after making a statement inside the Conservative Party's headquarters. PA
  • Mr Sunak meets the 1922 Committee in Parliament after he was announced as the new leader of the Conservative Party when Penny Mordaunt dropped out. PA
    Mr Sunak meets the 1922 Committee in Parliament after he was announced as the new leader of the Conservative Party when Penny Mordaunt dropped out. PA
  • Sir Graham Brady, chairman of the 1922 Committee, announces Mr Sunak as the new leader of the Conservatives and therefore the prime minister. PA
    Sir Graham Brady, chairman of the 1922 Committee, announces Mr Sunak as the new leader of the Conservatives and therefore the prime minister. PA
  • Members of the media work outside No 10 Downing Street, the official residence of Britain's prime minister, in central London, as they await announcements. AFP
    Members of the media work outside No 10 Downing Street, the official residence of Britain's prime minister, in central London, as they await announcements. AFP
  • Mr Sunak leaves his campaign office in London. AP
    Mr Sunak leaves his campaign office in London. AP
  • A billboard of Liz Truss, the departing prime minister, in London. Bloomberg
    A billboard of Liz Truss, the departing prime minister, in London. Bloomberg
  • Members of the public look through the gates into Downing Street. Reuters
    Members of the public look through the gates into Downing Street. Reuters
  • Mr Sunak leaves his home in London on Monday morning. AFP
    Mr Sunak leaves his home in London on Monday morning. AFP
  • Leader of the House of Commons and Conservative leadership candidate Penny Mordaunt speaks to the media on Sunday. Ms Mordaunt pulled out of the race moments before the deadline for nominations. PA
    Leader of the House of Commons and Conservative leadership candidate Penny Mordaunt speaks to the media on Sunday. Ms Mordaunt pulled out of the race moments before the deadline for nominations. PA

Rishi Sunak to be made PM on Tuesday as UK gets its 'Barack Obama moment'


Simon Rushton
  • English
  • Arabic

Rishi Sunak was named the new leader of the Conservative Party on Monday after a truncated leadership contest following Liz Truss’s resignation.

The former chancellor won the race when rival Penny Mordaunt failed to gain the backing of enough MPs and after Boris Johnson ended his comeback attempt.

On Tuesday, Ms Truss will take a short car ride from Downing Street to Buckingham Palace for an audience with King Charles, in which she will formally tender her resignation.

Once she has left, it is Mr Sunak’s turn to see the king at the palace. He will be appointed the country’s next prime minister and asked to form an administration.

Mr Sunak will then head back to Downing Street to address the nation for the first time as prime minister at about 11.35am.

It is customary for the new prime minister to be greeted by the Cabinet Secretary at the door of No 10 and be clapped in by staff before heading into the Cabinet Room to receive security and intelligence briefings from civil servants.

Mr Sunak will be handed the nuclear codes and write “letters of last resort” to commanders of submarines carrying Trident nuclear missiles, with orders on what to do if the government has been wiped out in a nuclear attack.

He could also start receiving calls from world leaders wishing him well in the new job.

Who is tipped to make Mr Sunak's Cabinet?

Mr Sunak is likely to use the rest of Tuesday putting together his new Cabinet as he seeks to fix a fractured party.

To many, Liz Truss made a key error in appointing loyalists to top roles in her Cabinet.

An early and consistent backer of Mr Sunak, Dominic Raab, is likely to be tipped for a return to Cabinet.

As justice secretary he had long pursued a plan to overhaul the Human Rights Act – only to see it shelved by Ms Truss after she entered office.

The former deputy prime minister, whose marginal seat could be under pressure at the next general election, will hope to see his loyalty rewarded with a role that allows him to deal with his own priorities.

The Leader of the House of Commons, Penny Mordaunt, pulled out of the race to be the next Tory leader at the last moment, allowing Mr Sunak to be crowned as Ms Truss’s replacement.

She said that Mr Sunak had her “full support”.

Ms Mordaunt, who still has a sizeable number of enthusiastic backers in the parliamentary party, is tipped for some kind of promotion, with some speculating that she could replace James Cleverly as foreign secretary.

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
  • Mr Sunak and his wife Akshata Murty arriving in Japan ahead of the G7 Summit in May 2023. Getty Images
    Mr Sunak and his wife Akshata Murty arriving in Japan ahead of the G7 Summit in May 2023. 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

The current Chancellor Jeremy Hunt was brought in to steady Ms Truss’s ailing government.

By ripping up her economic vision, Mr Hunt effectively took charge of the economic agenda and in doing so brought some reassurance to the markets.

In the name of stability, Mr Hunt could be in line to stay in the Treasury. It helps that he backed Mr Sunak.

He has also been working towards a highly anticipated fiscal statement on October 31, but it remains to be seen if he will be the person who delivers it in the Commons.

Current Deputy Prime Minister Therese Coffey is a close friend and ally of Ms Truss.

On Monday, sheMs Coffey said that the party must get behind Mr Sunak, but it still appears unlikely that the next prime minister will want to keep her in the key role of Health Secretary.

Briefly home secretary, Suella Braverman’s backing for Mr Sunak was a key sign that the right wing of the Conservative Party was turning towards the former chancellor.

She left with a scathing assessment on the “tumultuous” Truss administration and might be hoping for a swift return to the Home Office in the coming days.

Mel Stride, a long-time backer of Mr Sunak and the Commons treasury committee chairman, was a thorn in the side of Ms Truss and Kwasi Kwarteng as the pair pushed ahead with the mini-budget without any forecast from the Office for Budget Responsibility.

Mr Stride could now be in line for a key role in the Sunak government, possibly in the Treasury or elsewhere.

Another opponent of Ms Truss, Grant Shapps was drafted in as home secretary to replace Ms Braverman. The loyal Sunak supporter and former transport secretary can probably expect to remain in the Cabinet.

Business Secretary Jacob Rees-Mogg is one of the most vocally loyal backers of Boris Johnson in the party.

Having once derided Mr Sunak as a “much-lamented socialist chancellor”, he said on Monday he will “support his leadership” and urged “now is the time for party unity”.

If Mr Sunak wants to show that he can unite the party, Mr Rees-Mogg could be a key figure to keep in government.

Nonetheless, the fracking enthusiast may find himself moved from the Department for Business, Energy and Industrial Strategy.

Rishi Sunak - in pictures

  • Former chancellor of the exchequer Rishi Sunak is a candidate to replace Boris Johnson as British prime minister. PA
    Former chancellor of the exchequer Rishi Sunak is a candidate to replace Boris Johnson as British prime minister. PA
  • Rishi Sunak arrives at an event in London to launch his campaign to be the next Conservative leader and prime minister. Reuters
    Rishi Sunak arrives at an event in London to launch his campaign to be the next Conservative leader and prime minister. Reuters
  • Mr Sunak arrives with his green budget box to deliver a keynote speech at the Cop26 summit in Glasgow, Scotland, in November 2021. Getty Images
    Mr Sunak arrives with his green budget box to deliver a keynote speech at the Cop26 summit in Glasgow, Scotland, in November 2021. Getty Images
  • Mr Sunak works on his budget speech with staff in the offices at 11 Downing Street, October 2021. Photo: HM Treasury
    Mr Sunak works on his budget speech with staff in the offices at 11 Downing Street, October 2021. Photo: HM Treasury
  • At the Conservative Party Conference in Manchester in October 2021. Getty Images
    At the Conservative Party Conference in Manchester in October 2021. Getty Images
  • Mr Sunak with the budget box at 11 Downing Street in March 2021. Getty Images
    Mr Sunak with the budget box at 11 Downing Street in March 2021. Getty Images
  • Mr Sunak on a visit to the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
    Mr Sunak on a visit to the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
  • Rishi Sunak places a 'Eat Out To Help Out' sticker in the window of a restaurant during a visit to the Isle of Bute, Scotland, in August 2020. Getty Images
    Rishi Sunak places a 'Eat Out To Help Out' sticker in the window of a restaurant during a visit to the Isle of Bute, Scotland, in August 2020. Getty Images
  • Meeting shoppers on the High Street in Northallerton in Yorkshire in June 2020. Photo: HM Treasury
    Meeting shoppers on the High Street in Northallerton in Yorkshire in June 2020. Photo: HM Treasury
  • British Prime Minister Boris Johnson and Rishi Sunak use hand sanitiser during a visit to Pizza Pilgrims in West India Quay, London Docklands, as lockdown rules eased in June 2020. Getty Images
    British Prime Minister Boris Johnson and Rishi Sunak use hand sanitiser during a visit to Pizza Pilgrims in West India Quay, London Docklands, as lockdown rules eased in June 2020. Getty Images

The government Chief Whip and Truss loyalist, Wendy Morton, is highly likely to be moved on.

Ms Morton's efforts in maintaining party discipline were heavily criticised in recent days, particularly over Labour’s motion on fracking.

Having survived as Defence Secretary under Mr Johnson and Ms Truss, Ben Wallace is an experienced pair of hands who has overseen the UK’s efforts in support of Ukraine.

A vocal backer of an increase in defence spending, Mr Wallace could clash with Mr Sunak and Mr Hunt amid talk of widespread spending cuts.

He also admitted that he was “leaning towards” Mr Johnson as Ms Truss’s replacement, but he could stay on in the name of stability.

Matt Hancock was health secretary during the coronavirus pandemic but he quit in June 2021 after leaked CCTV footage showed him breaching social distancing rules by kissing aide Gina Coladangelo in his office.

He backed Mr Sunak in this latest contest, declaring on Friday that the former chancellor was “the best person to lead our country”.

But on Monday, footage of Mr Sunak greeting supporters appeared to show him snub Mr Hancock who was smiling and clapping enthusiastically as the new leader hugged and shook hands with others.

Mr Johnson pulled out of the race to replace Ms Truss, killing the hopes of his supporters for a glorious return to Downing Street.

In his statement pulling out of the race, he said: “I believe I have much to offer but I am afraid that this is simply not the right time,” he said after pulling out.

Mr Sunak could extend an olive branch to Mr Johnson by offering him a role, but it is an open question whether he would accept.

Rishi Sunak delivers speech as incoming UK prime minister - video

On Wednesday, Mr Sunak is set to face Labour leader Sir Keir Starmer during his first Prime Minister’s Questions at noon.

He is likely to continue his reshuffle and receive more calls from international leaders as he starts working through his in-tray.

Mr Sunak faces a daunting set of challenges, exacerbated by the chaotic legacy left by Ms Truss, including turbulent financial markets and industrial unrest.

Monday, October 31, was a date set by Ms Truss and Mr Hunt for the highly anticipated fiscal statement setting out how the government intends to get the public finances back on track.

It remains to be seen whether Mr Sunak will stick to this timetable.

Mr Hunt has warned of “eye-wateringly difficult” decisions ahead on tax and spending. Mr Sunak, who has emphasised the need for financial stability, may take a broadly similar approach.

In November, Mr Sunak is expected to make his first international trips as prime minister, travelling to the Cop27 climate summit in Egypt in early November and to the G20 in Bali a week later.

Rishi Sunak’s rise is ‘our Barack Obama moment’

Rishi Sunak becoming prime minister is “our Barack Obama moment”, said the president of a Hindu temple established by the new Tory leader's grandfather.

Mr Sunak is the first practising Hindu to become British prime minister and his success has been hailed as a “historic moment” that shows the highest office “can be open to those of all faiths and ethnic backgrounds”.

The Vedic Society Hindu Temple in Southampton was established by Mr Sunak's grandfather Ramdas Sunak, in 1971, and his father, Yash, was a trustee during the 1980s.

Mr Sunak takes his House of Commons oath on the Bhagavad Gita, a sacred Sanskrit text, and he regularly visits the Southampton temple.

Rishi Sunak declared next leader of UK Conservative Party - video

He was born to parents of Punjabi descent. His grandparents were born in India and emigrated to the UK from East Africa in the 1960s.

“He comes regularly to the temple, even now,” temple president Sanjay Chandarana said.

“He did that in July, just a couple of days before Rishi resigned as chancellor, they offered a family prayer here and he came for the lunch.

“I am sure as soon as he becomes prime minister he will definitely come to the temple for prayer. I know that is going to happen.”

He added: “It's a proud moment, the temple is buzzing right now, a lot of people are showing their own pictures with him. When he was here before, he posed for pictures with every single person who was in temple, 300 people.

“It's like for the UK, it's the Barack Obama moment, where a non-white person becomes prime minister for the first time, also a person from Indian origin and Hindu which is another dimension and everyone is very proud.”

The Vedic Society Hindu Temple in Southampton. Photo: Vedic Society Hindu Temple
The Vedic Society Hindu Temple in Southampton. Photo: Vedic Society Hindu Temple

Mr Chandarana said that Mr Sunak's appointment as PM showed that integration was working in the UK.

“It will unite the country, because he practises Hindu religion religiously and one of the key values we have is the whole world is our family and we believe in unity in that respect.

“The biggest challenge is the economic challenge and the political uncertainty, that is something he will have to address.”

Mr Chandarana said that Mr Sunak's win coincided with Diwali, making it an auspicious moment and an extra reason for his temple to celebrate.

“We increased our firework time from 15 minutes to 20 minutes. Also when we learnt he was going to be prime minister we offered a special prayer and he will feature in my Diwali speech,” he said.

“It's going to be another festival within a festival, the icing on the cake.”

Sunder Katwala, director of British Future, said: “Rishi Sunak becoming the first British Indian prime minister is a historic moment. This simply would not have been possible even a decade or two ago.

“It shows that public service in the highest office in Britain can be open to those of all faiths and ethnic backgrounds.

“This will be a source of pride to many British Asians — including many who do not share Rishi Sunak's Conservative politics.”

He added: “Most people in Britain now rightly say the ethnicity and faith of the prime minister should not matter.

“They will judge Sunak on whether he can get a grip on the chaos in Westminster, sort out the public finances, and restore integrity to politics.

“But we should not underestimate this important social change.”

He pointed out that when Mr Sunak was born, there had been no Asian or black MPs in the postwar era.

He said Mr Sunak's rise “does not make Britain a perfect meritocracy”, but while there is “more to do”, it is a “hopeful sign of progress against the prejudices of the past”.

The Hindu Forum of Britain tweeted that Mr Sunak had written to the group sharing his best wishes with those celebrating Diwali, and said they were wishing him in return “every success on this auspicious day”.

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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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.”

Updated: October 25, 2022, 6:12 AM