Rishi Sunak faces ‘profound economic crisis’ as new British prime minister

The U.K.'s new leader acknowledged mistakes by his predecessor and promised to place "economic stability and confidence'' at the heart of his agenda.

Rishi Sunak became Britain’s third prime minister of the year on Tuesday and now must turn his attention to taming an economic crisis that has left the country’s finances in a precarious state and millions of Britons struggling to afford food and energy bills.

Sunak, the U.K.’s first leader of color, met at Buckingham Palace with King Charles III, who had just accepted the resignation of Liz Truss.

Sunak – at 42 the youngest British leader in more than 200 years – is expected to immediately begin appointing a Cabinet and getting to grips with an economy sliding toward recession. The third Conservative prime minister this year, he will also try to unite a governing party that is riven with divisions after Truss’ brief, disastrous term weakened Britain’s already difficult economic outlook.

Speaking outside the prime minister’s residence, Sunak acknowledged mistakes by his predecessor and promised to place “economic stability and confidence” at the heart of his agenda.

He said he would confront the “profound economic crisis” with compassion and lead a government of “integrity, professionalism and accountability.”

Truss departed after making a public statement outside the prime minister’s 10 Downing Street office, seven weeks to the day after she was appointed prime minister. Sunak was selected to replace her as leader of the governing Conservative Party on Monday.

Truss offered a defense of her low-tax economic vision and her brief term in office before being driven from the prime minister’s official residence for the last time.

“I am more convinced than ever that we need to be bold and confront the problems we face,” she said. She stood by the free-market principles of “lower taxes” and “delivering growth,” despite the market mayhem triggered by her Sept. 23 budget package.