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The UK has been in headlines for the unexpected events starting with Operation London Bridge followed by the resignation of Liz Truss after 50 days in office to Rishi Sunak being elected as the new Prime Minister of the United Kingdom.
Who is Rishi Sunak? He has been in the headlines for being the first Prime Minister of the UK of Indian origin to incumbent the famous address in the UK. He had finished the runner–up and soon moved to the position of UK’s Prime Minister after a dramatic turn of events in British politics.
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Rishi Sunak`s Birth And Family
The paternal grandfather of Sunak was from Gujranwala which is in present-day Pakistan while the maternal grandfather was from Ludhiana which is in present-day India. His grandparents had shifted to East Africa. Later in 1960, they shifted to the United Kingdom.
Rishi Sunak was born on 12th May 1980 to Yashvir Sunak and Usha Sunak. Yashvir Sunak was born and brought up in the Colony and Protector of Kenya. He was q general practitioner in the National Health Service.
Usha Sunak was born and brought up in Tanganyika which is later known as Tanzania. She has a degree from Aston University. She was a pharmacist and the owner of Sunak Pharmacy in Southampton.
Rishi Sunak has a younger brother and younger sister. His brother Sanjay is a psychologist while his sister works for the United Nations as Chief of Strategy and Planning in New York. She works as a global fund for education in emergencies.
Rishi Sunak married Akshata Murty in August 2009. They are blessed with two daughters.
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What is Rishi Sunak`s Education And Profession
Rishi Sunak completed his preparatory school at Romsey and Winchester College which is a boy’s independent boarding school. He was a head boy at Winchester College.
During his summer holidays, he was a waiter in a curry house in Southampton. From Lincoln College, Oxford, he completed graduation in Philosophy, Politics and Economics.
He was an intern at Conservative Campaign Headquarters during his time at university. In 2006, he completed MBA from Stanford University where is met his future wife. He was a Fulbright scholar.
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From 2001 to 2004, Sunak worked as an analyst at Investment Bank Goldman Sachs. He worked for Hedge Fund management firm, The Children Investment Fund Management, before becoming a partner in 2006.
However, by 2009, he left to join a former colleague in California. It was a new firm Theleme Partners which was launched in October 2010 with $700 million under management.
He was reporting to Patrick Degorce in both the hedge funds. Between 2013 to 2015, he was director of Catamaran Ventures which is owned by his father-in-law Mr Narayan Murthy.
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What is Rishi Sunak`s Political Career
In October 2014, after defeating Wendy Morton, Sunak was selected as the Conservative candidate for Richmond (York) which is one of the safest seats and held by the party for almost a century.
A former leader of the party, Foreign Secretary and First Secretary of State, William Hauge held the position. In 2015, he was elected as MP for the constituency at the 2015 General Election.
In the June 2016 EU membership referendum, Sunak supported Brexit and the very same year he wrote a report on the Centre for Policy Studies. In the 2017 General election, Rishi Sunak won the election with an increased majority.
Between 2018 and 2019 he served as parliamentary under-secretary of state for local government. In 2019, Sunak was appointed as Chief Secretary to the Treasury. The very next day he became a member of the Privy Council.
Rishi Sunak`s Chancellor Of the Exchequer
On 13th February 2020, as a part of a cabinet reshuffle, Rishi Sunak was appointed as chancellor. As per the meeting replies, Johnson had offered to be chancellor with the condition that he dismiss all of the advisers at the Treasury.
Sunak’s first budget book took place on 11th March 2020. The total allocated budget was GBP 30 B out of which GBP 12 B was allocated for the mitigation of economic effects due to the COVID-19 pandemic.
During his tenure, he introduced a program by providing a fund of GBP 330 B in emergency support for businesses. He also introduced a furlough scheme for employees which was the first of its kind. The Coronavirus Job Retention Scheme was backdated to 1st March which ran for three months.
By June 2020, David Clarke wrote a letter to Sunak, the National Audit Office. The letter alerted about the risk of fraud against the government taxpayer-backed stimulus schemes.
The Future Fund is an investment portfolio of £1.1 billion set up by Sunak in May 2020. The portfolio was managed by the British Business Bank. The fund invested in 1,190 mainly early-stage companies at the height of the coronavirus pandemic.
Sunak unveiled the plan of GBP 30 B of spending on the stamp duty holiday which cut on value-added tax for the hospitality sector.
The deficit had risen to GBP 355 B in the fiscal year of 2020 – 2021. This was the highest in peacetime. The budget included an increase in the rate of corporation tax. The increase was from 19% to 25% in 2023 which is a five-year freeze in the tax-free personal allowance.
The higher rate income tax threshold, and the extension of the furlough scheme until the end of September.
On 12 April 2022, Sunak was issued with a fixed penalty notice after the Metropolitan Police believed he had breached COVID lockdown restrictions by attending a birthday party. A total of 82 others also received fixed penalty notices, including Johnson.
In his third budget statement, he included substantial spending promises to a large extent related to science and education. He had made a statement in March 2022 while he said that COVID-19 recovery was disrupted due to the Russian invasion of Ukraine.
He removed fuel duty, removed VAT on energy-saving equipment and reduced national insurance payments.
Controversy linked with Rishi Sunak
The Guardian stated in November 2020 that Sunak did not report a significant amount of his wife and family’s financial interest on the interest of ministers which includes a combined £1.7 billion shareholding in the Indian company Infosys.
Ministers are required to declare interests that are “relevant” to their responsibilities and “which might be thought to give rise to a conflict” with their public duties.
The independent adviser on the interests of the minister investigated to conclude that Sunak had not broken any rules. In early 2022, Akshata Murthy gained a non-domiciled status under which she need not pay taxes on the income earned abroad while living in the UK.
The status cost approx. £30,000 to secure to save estimated taxes of £20 million.
Post media controversy, she stated that she would pay UK taxes on her global income. She also said that she did not want any issue “to be a distraction for my husband.” The person who leaked the details of her tax status faced the Whitehall inquiry.
Rishi Sunak continued to hold United States permanent resident status. He had acquired in 2000 until 2021 which also includes the 18 months after he was Treasury Chancellor of Britain which required filling annual US tax returns.
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