In a cabinet reshuffle, Indian origin politician Rishi Sunak has been appointed as the new Finance Minister of U.K. on February 13th by Prime Minister Boris Johnson.
Rishi is the son-in-law of Infosys Co-Founder, Narayana Murthy. He is appointed as Chancellor of Exchequer (head of country’s finance) and will join Home Secretary Priti Patel.
He replaced Sajid Javid who was appointed as the Finance Minister last July. The news came as a shocker to financial markets and politicians since Javid was all set to present the annual budget in March after Britain’s exit from the European Union.
According to a report by CNBC, Javid was offered the chance to remain finance minister on the condition that he fires all of his advisors. He reportedly said no and opted to resign himself. There had growing tensions between the finance minister and the prime minister’s inner circle, in particular ahead of the budget release in four weeks’ time.
Sunak, since last year served as the Chief Secretary to the Treasury.
The 39-year Oxford University and Stanford graduate are all set to move into No.11 Downing Street, next door to Prime Minister’s office as he steps into the second most important government position as Finance Minister.
In an official announcement, Downing Street said, “The Queen has been graciously pleased to approve the appointment of Rt Hon Rishi Sunak as Chancellor of the Exchequer.”
Rishi Sunak is a UK born son of a pharmacist mother and a National Health Service (NHS) general practitioner father.
“From working in my mum’s tiny chemist shop to my experience building large businesses, I have seen how we should support free enterprise and innovation to ensure Britain has a stronger future,” Mr Sunak had said during the Brexit referendum.