LONDON – Rishi Sunak, who resigned on Tuesday as Britain’s Chancellor of the Exchequer, is arguably the most prominent figure in Prime Minister Boris Johnson’s government, who has been seen for some time as the likely successor to Johnson.
Mr. Sunak has seen rapid ascent since his first election to Parliament in 2015. In February 2020, when he was 39 years old, Mr. Johnson appointed him as chancellor, chief financial officer of the government, often second in power after the prime minister.
As the coronavirus crisis swept the country, Mr. Sunak, a former hedge fund manager, rolled out a series of well-acclaimed aid packages for businesses and individuals. These moves, and the air of his competence, soon made him a popular face for the government’s response.
Mr. Sunak, the eldest son of Indian immigrants, attended the elite school of Winchester College and Oxford. He earned an MBA from Stanford University and was considered an example of a more modern, multi-ethnic Britain.
But critics also differed in the way he handled the country’s financial affairs. With the National Institute of Economic and Social Research says last month His failure to take action to insure against rising interest rates could cost British taxpayers.
And in recent months, two scandals have tarnished his reputation, despite not reaching the same level as the prime minister, and there has been speculation that he may be removed during a possible cabinet reshuffle. First, it was revealed that his wealthy wife’s claim to a tax status allowed her to avoid paying taxes on some of her income. It was then revealed that Mr. Sunak continued to hold a green card, which allowed him to live and work in the US for several months after becoming a counsellor.
Mr Sunak, along with other government figures, was also fined for breaching coronavirus lockdown regulations for briefly attending the Prime Minister’s birthday celebration in Downing Street in 2020, one of a series of gatherings in Downing Street, which has become known as the “Partygate” scandal.