Rishi Sunak Biography: British-Indian politician Rishi Sunak is believed to be the most likely candidate for the position of Prime Minister. He has served as Treasury Secretary since February 2020 and MP for Richmond (Yorkshire) in North Yorkshire since 2015. He also served as Senior Secretary to the Treasury from 2019 to 2020.
Let’s have a look at Rishi Sunak’s life.
Rishi Sunak biography
|Birth||May 12 1980|
Encode Sunak (father)
Usha Senak (mother)
Lincoln College, Oxford
Former investment analyst
Rishi Sunak Biography: Birth, Age and Parents
Rishi Sunak was born on the 12th of May 1980 in Southampton, Hampshire, South East England to Indian parents Yashvir and Usha Sunak who were born in Kenya and Tanzania respectively. His father was a general practitioner while his mother was a pharmacist and ran a local pharmacy.
Sonak’s grandparents were born in the province of Punjab, British India, and immigrated to the United Kingdom in the 1960s from East Africa. Sunak is the eldest of three siblings. His brother Sanjay is a psychiatrist and his sister Rakhi serves as the Head of Humanitarian Affairs, Peacebuilding and United Nations Funds and Programs at the Foreign, Commonwealth and Development Department.
Rishi Sunak Education
He is a graduate of Winchester College, Lincoln College, Oxford and Stanford University. During his summer vacation, Sunak waited for tables at Carey’s home in Southampton.
Rishi Sunak’s business career
He took an internship at the Conservative Campaign headquarters during his time at the university. From 2001 to 2004 he worked as an analyst at Goldman Sachs, an investment bank. He left his job to join The Children’s Investment Fund Management (TCI) and became a partner in September 2006. He joined another hedge fund firm Theleme Partners in 2009. He also served as the Director of Catamaran Ventures investment firm, owned by his father-in-law and businessman NR Narayana Murthy.
Rishi Sunak’s political career
In 2014, he was selected as the Conservative candidate for Richmond (York), a seat previously held by William Hague. The seat has held the Conservative Party for more than 100 years now. That year, he headed up the Black and Minority Ethnic (BME) Research Unit for Policy Exchange and co-authored a report on BME communities in the UK.
In the 2015 general election, he was elected Representative of Richmond (York). From 2015 to 2017, he served as a member of the Environmental, Food and Rural Affairs Select Committee.
He endorsed the EU referendum in 2016. He also wrote a report for the Center for Policy Studies supporting the creation of post-Brexit free ports, and the following year he wrote a report calling for the creation of a retail bond market for small and medium businesses.
He was re-elected MP from the same seat in the 2017 general election. He served as Parliamentary Under-Secretary from January 2018 to July 2019. He supported Prime Minister Boris Johnson in the 2019 Conservative Party leadership election and even co-wrote an article for a British national newspaper in defense of Johnson during campaign in June 2019.
Sunak was re-elected in the 2019 general election and was appointed by Prime Minister Boris Johnson as First Secretary to the Treasury in July 2019 and served under Chancellor Sajid Javid. He became a member of the Privy Council on 25 July 2019.
After a cabinet reshuffle in February 2020, Sunak was promoted to the position of Secretary of the Treasury.
Amid the COVID-19 pandemic, Sunak presented its first budget on March 11, 2020. As the pandemic has had a fiscal impact, Sunak announced £30 billion in additional spending of which £12 billion has been earmarked to mitigate the economic impact of the COVID-19 pandemic.
On 17 March 2020, he announced £330 billion emergency support for businesses and a salary support scheme for employees. Three days later, he announced the job retention plan but received severe reactions as an estimated 100,000 people were not qualified for it. The scheme has been extended until September 30, 2021.
Sunak has unveiled a £30 billion Eat Out to Help Out program to support and create jobs in the hospitality industry. Government-subsidized food and soft drinks in participating cafes, bars and restaurants at 50% off, up to £10 per person. Offer was available from 3 to 31 August 2020 from Monday to Wednesday. While some consider the scheme a success as it subsidized £849m for meals, others disagree. A study at the University of Warwick revealed that the scheme contributed to a rise in COVID-19 infections by between 8% and 17%.
Sunak announced in his March 2021 budget that the deficit had risen to £355 billion in the 2020-2021 financial year, the highest in peacetime. He increased corporate tax from 19 earlier to 25% in 2023, a five-year freeze in the tax-exempt personal allowance and higher income tax threshold.
At the G7 summit in June 2021, a tax reform agreement was signed to establish a global minimum tax for multinational corporations and online technology companies. In October 2021, the OECD signed an agreement to join the tax reform plan.
In October 2021, he unveiled his third budget which included £5 billion for health research and innovation and £3 billion for skills education.
Rishi Sunak’s wife
Rishi Sunak tied the knot with Akshata Murthi in August 2009. The couple has two daughters. His wife is the daughter of Indian billionaire NR Narayana Murthy, and works as a manager at Catamaran Ventures. She also runs her own fashion label and is among the richest women in Britain.
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