UK finance minister resigns, cites 'fundamental' difference with prime minister

Leon Neal/Getty Images News

• U.K. Chancellor of the Exchequer Rishi Sunak submitted his resignation Tuesday.
• In a letter to Prime Minister Boris Johnson, Sunak said the "public rightly expect government to be conducted properly, competently and seriously."
• "I recognise this may be my last ministerial job, but I believe these standards are worth fighting for and that is why I am resigning."
• Pound sterling (NYSEARCA:FXB) -1.3% slipped right after the announcement but has clawed back some of those losses. The pound is still below $1.20 against the U.S. dollar (USDOLLAR) +0.6% amid a rally in the greenback.
• "Our people know that if something is too good to be true then it's not true," Sunak wrote in the letter. "They need to know that whilst there is a path to a better future, it is not an easy one."
• "In preparation for our proposed joint speech on the economy next week, it has become clear to me that our approaches are fundamentally too different."
• Suank's decision is a blow to Johnson's government as he looks to shore up his leadership after surviving a close no-confidence vote.

Comments

[2021investor]

UK is run by Indians basically at this point. Colonization has come full circle.

[Agnee Tips]

@2021investor but they have the knowledge to do that. It's fair and they worked hard. I am a fan of Rishi

[2021investor]

@Agnee Tips Is it really just a function of hard work? No. The UK govt has been very lenient with Indian immigration to the UK. You can’t say the same for many other countries. There are countless highly qualified doctors and professionals in North Korea, Syria, Pakistan, Iran, Sudan, Libya etc etc, you get the point, but they don’t have the same easy path to the UK as Indians do. Priti Patel, Sajjad Javid, Sadiq Khan, Rishi, and countless others - in very high positions. Where are the naturalized East Asians in government? Or Middle Easterners? Or Eastern Europeans? So all of the people from those regions are just lazy? No, it’s the sheer volume of Indians globally and their success culture at any cost (including unethical/immoral). Rishi’s wife has been evading taxes - look it up.

[PJS007]

@2021investor What a racially tinged bunch of nonsense! I'm sure you can find other fringe sites for this racist crap.
Regarding Rishi's wife's tax issue, she didn't do anything illegal, but it looked bad politically, and is the same tax avoidance strategy every rich person does with accounts in Cayman Is, Bermuda, Jersey, or Guernsey, or any other tax avoidance offshore haven, including Switzerland.

[SuperPac]

Not just the Chancellor, but the Health secretary has resigned too. BoJo and his trail of crap has to end now. Go already you dolt.

[TommyIrish]

Starting to look inevitable that BoJo has to go next summer.

He thought he was the second coming of Augustus Churchill.

BUT too many mistakes looking more like Lloyd George every day.

It is time for BoJo to fall on his sword AND for a wholesale change of policy.

The Tories need a fresh start - MY money is on Raab...

[TommyIrish]

@TommyIrish

Did I say NEXT summer!

BoJo Premiership unravelling slowly at first and now collapsing!

The End!

[SuperPac]

@TommyIrish
Good riddance! He can get together with the actress called Greta whatever and organise COP 57.

[TommyIrish]

@SuperPac

People told me he was a clown years ago, still, you had a to give him a chance.

But no, just way too many mistakes.

Game over.

[PJS007]

No surprise. Sunak wants to be prime minister. This is a tactical move to wrestle party leadership from a weakened Johnson.

[John Jeckle]

Maybe first world countries shouldn't have destroyed their economies and currencies over a triple-flu.

[kmi]

Nothing in Sunak's linked letter explores where the differences of opinion lie, which is what I'd be interested in seeing.