UK PM Rishi Sunak says he'll confront "profound economic crisis"

Newly-minted British Prime Minister Rishi Sunak delivered his first formal address to the public on Tuesday after visiting King Charles III and said he would confront the "profound economic crisis" with his government.

Sunak became prime minister one day after winning the Conservative leadership race, after his rivals dropped out, effectively handing him the victory. The 42-year-old has promised to bring "economic stability and confidence" at the centre of his government's agenda, but said this means "difficult decisions to come."

He is expected to slash spending to plug an estimated £40 billion hole in the public finances created by an economic slowdown, higher borrowing costs and a six-month plan of support for people's energy bills. But he could also face growing calls for an election if he moves too far from the party's policy manifesto that brought the party to majority power in 2019.

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