As Britain’s next Prime Minister, Rishi Sunak has to restore confidence in Britain’s economy and get public spending under control.
During his tenure as Chancellor, he was responsible for rolling out billions of pounds in support packages to help employees and businesses through the coronavirus pandemic. Now he has to balance the books.
Mr Sunak was the favourite to win and so the markets had already priced in his victory. However, government bond yields still fell slightly and the pound briefly rose to nearly $1.14 against the dollar on the news that leadership rival Penny Mourdant had withdrawn from the race.
When Mr Sunak’s win was announced, the FTSE 100 leapt nearly 0.7 points.
Spending cuts and tax rises will surely be on the cards as Mr Sunak tries to calm markets and raise money for the government’s coffers.
Here, from income tax to the state pension triple lock, The Telegraph looks at what the new PM might mean for your money.
State pension triple lock
Announcing his intention to run for party leader yesterday, Mr Sunak said that he will “deliver on the promise of the 2019 manifesto”.
Yet in the aftermath of the pandemic, Chancellor Mr Sunak broke the Conservative party’s manifesto promise to uprate the state pension in line with the highest of either inflation, wage growth or 2.5pc.
