Rishi Sunak is the new Prime Minister of the United Kingdom. Sunak is now taking charge from former PM Liz Truss who resigned after 45-days in office due to heavy criticism. He emerged as the clear winner after his competitors Penny Mordaunt and former Prime Minister Boris Johnson pulled out their candidacy from the Conservative Party leadership election. Sunak's appointment as the new UK PM is taken as positive by crypto experts. Sunak is said to be a pro-crypto politician and major reforms are expected from him in the blockchain industry.

The 42-year-old investment banker-turned-politician Sunak delivered his first speech as the PM outside Downing Street. Sunak said that he is determined to "fix the mistakes" made by his predecessor Liz Truss.

While delivering his speech, Sunak said, "I am ready to lead the country into the future and put your needs above politics", adding, "I will build a government that represents the best of my party."

Sunak said, "Work starts now to fix mistakes," adding "That work begins immediately".

Earlier, the British politician with Indian origin served as the Chancellor of the Exchequer from 2020 to 2022. He resigned from his chancellor post on July 5th this year amid the then PM Boris Johnson's government crisis and controversies. The resignation of Johnson followed soon after and the search for a new PM began under which Sunak participated however lost to Truss who succeeded Boris on September 5.

But Truss' reign lasted less than two months as she resigned due to another government crisis on October 20. The downfall of Truss came after when her government launched a 'mini budget' for driving the country's economy, however, faced heavy criticism from both the general public and members of