Jeremy Hunt remains Chancellor and James Cleverly remains Secretary of State, while Suella Braverman, who stepped down a few days ago, returns as Home Secretary, meaning the Grand State Offices are the same as they were six days ago.
To increase the sense of continuity, Sunak brought Dominic Raab back into the cabinet with the same roles he held for the last year of the Johnson cabinet: Deputy Prime Minister and Minister of Justice.
Truss, who became prime minister in early September, formally resigned on Tuesday after 49 days, having sent the pound and gilts into a tailspin after unveiling a tax cut plan last month.
Sunak, 42, faces major challenges, including the UK’s economic downturn and the cost of living, the fallout from Brexit and the Russian invasion of Ukraine.
The pound rose 1.86 percent to $1.1487 against the US dollar on Tuesday after official data revealed the US housing market began to collapse under the weight of steep borrowing costs.
Sunak, who has already been attacked for his personal wealth, said that amid the cost of living crisis, he “fully realizes how difficult things are”. He said he was “not discouraged, I know the high office I have accepted and I hope to meet its demands”.
“But when the opportunity arises to serve, you can’t question the moment, only your willingness. Together we can achieve incredible things. We will create a future worthy of the sacrifices so many have made and fill with hope tomorrow and every day after.”
Truss had previously urged her successor to be “courageous” in the face of growing economic challenges, when she said goodbye to Downing Street just seven dramatic weeks since coming to power.
In a short speech, Truss said it was a “huge honour” to be prime minister, but appeared to offer no regrets or apologies for the economic chaos her mini-budget caused last month, which sent mortgage rates soaring and pensions under pressure. . funds to the brim.
She quoted the Roman philosopher Seneca in reference to her chaotic reign, saying, “It’s not because things are difficult that we don’t dare, it’s because we don’t dare that they are difficult.”
“We simply cannot afford to be a low-growth country where the government is taking an increasing share of our national wealth,” Truss said.
“And where there are huge differences between different parts of our country. We need to take advantage of our Brexit freedoms to do things differently. This means more freedom for our own citizens and the restoration of power to democratic institutions. It means lower taxes so people can keep more of the money they earn.”
Truss said her administration had acted “urgently and decisively” to help struggling families and businesses during the cost of living crisis.
“Since my time as Prime Minister, I am more convinced than ever that we must be brave and face the challenges we face,” she said.
Truss said she wished Sunak “all the best for the good of our country”.
Opposition leader Sir Keir Starmer congratulated Sunak on his appointment, noting that he had made history as “British’s first Asian Prime Minister”.
But the Labor leader again pushed for a general election, saying: “The Tories have crashed the economy, with low wages, high prices and a cost of living crisis. The public needs a fresh start and a say in the future of Britain.”
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