Rishi Sunak's First Speech as British Prime Minister Promises to Bring Stability Amid the Economic Crisis

British Prime Minister Rishi Sunak. (Wikimedia Commons/HM Treasury)

JAKARTA - British Prime Minister Rishi Sunak vowed to bring stability amid the economic crisis, saying he would correct the mistakes of his predecessor.

Sunak, 42, arrives at 10 Downing Street, London, the official residence and office of the British Prime Minister, following his appointment by King Charles III at Buckingham Palace.

Speaking for the first time as Prime Minister, he pledged to bring stability amid what he called a "profound economic crisis".

"(Liz Truss) is not wrong to want to increase growth in this country. This is a lofty goal and I admire her nervousness about creating change. But there have been some mistakes that have been made", Sunak said.

"And I have been elected as the leader of my party and your prime minister in part to fix it. The work starts today."

In a six-minute speech, in which he was not flanked by his family or supporters, he said tough decisions lay ahead, as ministers tried to reassure markets about the state of Britain's finances.

"I fully appreciate how difficult it is. I also understand that I have work to do to restore confidence after all that has happened", explained Sunak.

"All I can say is, I am not afraid. I know the high position I have received and I hope to meet its demands", he said.

It is understood Sunak was invited to form a Government at Buckingham Palace, having won the Conservative Party leadership on Monday. He is the youngest prime minister for more than 200 years, the first Hindu and the first Asian heritage.

As Britain's third leader in two months, he faces a series of challenges including economic strife, high inflation, the war in Ukraine, and a fractured ruling party.