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He started as an analyst at Goldman Sachs and later returned to the UK to join the Children’s Investment Fund in 2006 and hedge fund Theleme Partners in 2009. That year, he married Murty, who inherits her wealth from her Infosys shareholding—1.07% as of September.
By 2010, he was working for the Conservative Party and won his first election from Richmond (Yorks) in 2015. Re-elected in 2017 and 2019, he was also named the chief secretary to the treasury. In February 2020, he became the chancellor of the exchequer.
He remained in charge of British finances till July 2022, when he resigned—sealing the fate of Johnson as prime minister—and joined the race to become his successor. He was then the first person of Indian origin and the second South Asian to seek the leadership of the governing party in Britain.
In his first bid to the Britain’s premiership, Sunak weathered criticism over the non-domicile status of his wife. Though legal under the British law, Murty later relinquished her non-domicile status to pay taxes on income from Infosys shares.
Sunak was also the only contender who backed fiscal restraint when his rivals promised to cut taxes as Britons—after having endured hardships during Covid-19 lockdowns—face record inflation.
And he had the support of the majority of Tory MPs in multiple rounds of voting before the race narrowed down between him and Truss. But Conservative Party members chose Truss, who had promised slash taxes, even for the wealthy.
The markets were unforgiving though. As Truss implemented her economic agenda, the pound tumbled and U.K. economy went into a turmoil, prompting the central bank to resume bond buying. Truss first sacked Kwasi Kwarteng as chancellor, then withdraw all tax cuts. She latest just 45 days at the helm in the shortest run for a British prime minister, hurting the Tories.
It appeared everything Sunak had warned about had come true. And that also offered him an opportunity to renew his bid. And when Johnson withdrew, he emerged a clear frontrunner.
With Mordant falling short, it’s a stunning turnaround for Sunak as he now does not have to seek the approval of 175,000 grassroots Tory party members—said to be mostly white, male and wealthy.
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Image and article originally from www.bqprime.com. Read the original article here.