Former Goldman Sachs Banker Rishi Sunak To Be Next UK Prime Minister

As we predicted yesterday following Boris Johnson's decision to quit the race to regain the British Prime Minister title after his thunderous fall from grace just... three months ago, it was a foregone conclusion that former Goldman banker Rishi Sunak would become the next UK prime minister. Moments ago that's precisely what happened when his last remaining rival, Penny Mordaunt, pulled out of the race for 10 Downing Street.

“We all owe it to the country, to each other and to Rishi to unite and work together for the good of the nation,” Mordaunt said in a statement on Twitter. The ruling Conservative Party confirmed Sunak, who is due to address rank-and-file MPs at 2:30 p.m., has been elected leader.

As Bloomberg notes, it has been a remarkable turnaround in Sunak’s political fortunes, after the former Chancellor of the Exchequer and former Goldman banker quit Boris Johnson’s government in July and then lost out to Liz Truss in the last Tory leadership contest over the summer. But his repeated warnings that her plans would trigger economic chaos proved correct and put him in pole position when Truss’s premiership imploded.