Biography of Rishi Sunak: Wiki, Net Worth, Birth, Age, Wife, Parents, Education
Rishi Sunak is a British politician. During 2020 to 2022, he served as Chancellor of the Exchequer. Previously, he was the Chief Secretory to the Treasury from 2019 to 2020.
He is the member of the Conservative Party. Since 2015, he has been the Member of the Parliament for Richmond (Yorks).
At the 2015 general election, he was elected to the House of Commons for Richmond (Yorks) in North Yorkshire.
Rishi Sunak served in Theresa May’s second government as Parliamentary Under-Secretory. After may’s resignation, he supported Boris Johnson’s campaign for becoming Conservative leader.
When Johnson became Prime Minister, Saunk was appointed as Chief Secretory of Treasury. He replaced Sajid Javid as Chancellor of Exchequer in February 2020.
As Chancellor, he was prominent in the government’s financial response to the COVID-19 pandemic and its economic impact.
Rishi Sunak announced his candidacy to replace Johnson in Conservative party leadership election on 8th July 2022. He polled first amongst Conservative MPs on 20th July. Final result has to be announced on 5th September 2022.
Rishi Sunak’s Early & personal life:
Rishi Sunak was born on 12th May 1980. He was born in Southampton to Hindu parents of Punjabi descent. His father’s name is Yashvir Saunk & mother’s name is Usha Saunk.
His father was born & raised in Kenya & mother was born in Tanzania. His grandparents were born in Punjab during British India.
They were migrated from East Africa to UK in 1960s. His father was a general practitioner & mother was a pharmacist. He is the eldest of three siblings.
Rishi Sunak attended Stroud school, he was the head boy and editor of the school paper there. He completed MBA from Stanford University in 2006. He was a Fulbright scholar.
She is British-based Indian fashion designer. Rishi and Akshata met while studying at Stanford University. The couple have two daughters named Anoushka & Krishna.
As Saunk is a Hindu, he took his oath as an MP at the House of Commons on the Bhagavad Gita.
Rishi Sunak’s brother Sanjay is a psychologist & sister Raakhi is the Chief of Strategy and Planning at Education Cannot Wait, the United Nations’ global fund for education.
Career of Rishi Sunak:
He worked as an analyst for the investment bank Goldman Sachs between 2001 and 2004. Later, he worked for the hedge fund management firm the Children’s Investment Fund Management. In 2006, he became a partner in September 2006.
Unfortunately, he left in November 2006. He joined former colleagues at a new hedge fund firm, Theleme Partners, which launched in October 2010 with $700 million under management.
Rishi Sunak was a director of the investment firm Catamaran Ventures, owned by his father-in-law, Indian businessman N. R. Narayana Murthy.
Political Career of Rishi Sunak:
In October 2014, he was selected as the candidate for Richmond (Yorks) defeating Wendy Morton. On the same year Sunak was head of the Black and Minority Ethnic (BME) Research Unit of Centre-right think tank Policy Exchange, for which he co-wrote a report on BME communities in the UK.
Rishi Sunak was elected as MP for the constituency at the 2015 general election. During the 2015–2017 parliament he was a member of the Environment,
Food and Rural Affairs Select Committee. He supported Brexit at the June 2016 EU membership referendum.
In the same year, he wrote a report for the Centre for Policy Studies (a Thatcherite think tank) supporting the establishment of free ports after Brexit.
After a year, he wrote a report advocating the creation of a retail bond market for small and medium-sized enterprises.
On 2017, he was re-elected at general election with the increased majority of 40.5%. Between January 2018 to July 2019, he served as parliamentary under-secretary of state for local government.
Rishi Sunak voted for then-Prime Minister Theresa May’s Brexit withdrawal agreement on all three occasions, and voted against a second referendum on any withdrawal agreement. In the 2019 Conservative Party leadership election he supported Boris Johnson.
On 24th July 2019, he was appointed as Chief Secretary to the Treasury by PM Boris Johnson.
He was reported by The Guardian by February 2020. On 13th February 2020, he was promoted to chancellor as a part of a cabinet reshuffle after the resignation of Javid on the same day.
On 11th March 2020, his first budget took place. In that made an announcement of £30 billion of additional spending, of which £12 billion was allocated for mitigation of the economic effects of the COVID-19 pandemic.
He was the part of the committee of Cabinet ministers that have to decide on pandemic. Sunak alongside Johnson was fined for attending a party, but he did not deliver a statement or resign.
Rishi Sunak announced £330 billion in emergency support for businesses on 17th March in addition furlough scheme for employees. That was the first time when the British Government created such an employee retention scheme.
This Coronavirus Job Retention Scheme initially ran for three months and was backdated to 1st March. As there was a lockdown Saunk extended it until the end of June 2020.
Later he extended up to the end of the October 2020. After the second lockdown it was extended up to 31st March 2021. In the budget held on 3 March 2021, Sunak confirmed that the scheme had been extended once more until 30 September 2021.
Rishi Sunak unveiled a plan for a further £30 billion of spending which included a stamp duty holiday, a cut to value-added tax (VAT) for the hospitality sector, the Eat Out to Help Out scheme, and a job retention bonus for employers in July.
It was announced to support and create jobs in the hospitality industry. This offer was available from 3 to 31 August on Monday to Wednesday each week.
The scheme subsidized £849 million in meals. In connection to the COVID-19 pandemic, a study at the University of Warwick concluded that the scheme contributed to a rise in COVID-19 infections of between 8% and 17%.
Rishi Sunak had the highest satisfaction score of any British Chancellor since Labour’s Denis Healey in April 1978 as of an Ipsos MORI poll in September 2020.
Since Healey in 1974, Saunk was the first Chancellor to raise the corporation tax rate since.
On 12 April 2022, he was issued with a fixed penalty notice for breaching COVID-19 regulations during lockdowns.
Rishi Sunak was reported by The Guardian to have not declared a significant amount of his wife and family’s financial interests on the register of ministers’ interests, including a combined £1.7 billion shareholding in the Indian company Infosys in November 2020.
In June 2021, G7 summit was hosted by Sunk at Lancaster House in London. Sunak privately lobbied to impose a green levy as a chancellor. It led to higher petrol and diesel prices, to help pay for the plan to reduce greenhouse gas emissions to net zero by 2050.
In October 2021, he made his 3rd budget statement including substantial spending promises to a large extent related to science and education.
On 23rd March 2022, he made his spring statement. As of Saunk the recovery from the COVID-19 pandemic had been disrupted by the Russian invasion of Ukraine.
He promised to reduce income tax in 2024. As of labor leader Keir Starmer, Saunk was out of touch with the struggles of ordinary people due to the cost of living crisis.
Rishi Sunak resigned as a Chancellor after the resignation of Sajid Javid on 5th July 2022. Sunak announced that he would stand as a candidate in the Conservative party leadership election to replace Johnson on 8th July 2022.
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