Rishi Sunak speaks to the nation as he steps in as Prime Minister

Today (Tuesday 25th of October) Rishi Sunak made his first speech to the nation as a Prime Minister. In his speech he lays out the challenges ahead and vows to fix the mistakes made by his predecessor Liz Truss.

“Mistakes were made, it wasn’t from ill will, I respect her restlessness to get things done, but mistakes were made and I was partly elected to fix them or appointed to fix them.”

Addressing the economic instability felt both at home and abroad through the aftermath of Covid and the energy crisis, he seems aware of the Prime Ministerial role he is stepping into claiming to place “economic stability and confidence at the heart of this governments agenda,” adding that, “this will mean difficult decisions to come.”

Mr. Sunak also promised a government of “integrity, professionalism and accountability at every level.” He added, in the speech outside 10 Downing Street, “Trust is earned, and I will earn yours.”

Amidst this period of political instability, the market has also seen shifts. “The FTSE 100 started the day modestly lower, below the 7,000 mark which has often acted as a floor for the index in recent times,” says AJ Bell financial analyst, Danni Hewson.

“Rishi Sunak is about to take over as PM and the first big question, at least as far as the markets are concerned, is will he keep current chancellor Jeremy Hunt in place? Not to do so could unsettle investors who are eagerly awaiting the 31 October announcement of fiscal plans and don’t need anything else to spook them before that.

Jeff Moody, the commercial director of the British Independent Retailers Association said: “We welcome the news that Rishi Sunak is the new British Prime Minister and we hope this ends the period of uncertainty for business’ and the country as a whole.

“Anything that will stabilise financial markets and improve consumer confidence will help the High Street in such a vital trading period is key and we hope that they restore the much needed confidence in the financial market after so many weeks of turbulence.

“Now we ask for the Prime Minister and his cabinet to concentrate on reducing the cost burden now with prompt support for business on energy and tax burdens but also in the long term by committing to reducing the rates burden on ‘Bricks and Mortar’ retailers to prevent further closures announcements,” he added.