The last month or so has been an incredibly turbulent time in politics caused by a combination of very challenging international circumstances exacerbated by political problems at home but the last week has been quite extraordinary. We have seen the resignation of a Prime Minister just 45 days into the job, Boris Johnson decided to try to make a comeback and then changed his mind, and then the rapid installation of Rishi Sunak as our new Prime Minister, all within the space of a few days.
Few expected Liz Truss to encounter so much difficulty quite so soon in the post of Prime Minister. She has always had quite clear views about the importance of reducing taxes and simplifying regulation, but mistakes were made in the way she tried to deliver these. Having economic stability, a stable exchange rate and low-interest rates are incredibly important for households with mortgages and businesses with loans or considering new investments. In the end, the mini-budget that she introduced led to a sequence of events from which she was not going to be able to recover.
We don't have a presidential system in this country. In our democracy, Prime Ministers are only in power if they enjoy the confidence of parliament in general and their own parliamentary party in particular. When they lose that confidence then they are replaced and after a protracted debate within the Conservative Party over the summer, it was clear that we could not go through such a process again. The challenges that exist need immediate attention and we simply needed to install a new leader and Prime Minister expeditiously.
Some would have liked to see a return for Boris Johnson. I was a member of his Cabinet and he has many strengths. He has the ability to connect with people and would often show the boldness needed to get things done but he tends to provoke a polar reaction. Some people really like him, others really don't and what we need most of all at the moment is someone who can bring unity, stability and purpose. I don't think Boris Johnson would have been able to unite the Conservative Party and I think he did the right thing by standing aside.
I supported Rishi Sunak this time round because I think he has good judgement and his analysis about the risks of cutting taxes too soon while there were inflationary risks turned out to be correct. I think he brings the right approach for the serious issues we face now and is best placed to unite the Conservative Party and I wish him the best of luck.
No one individual has a mandate from a General Election. The Conservatives secured a majority at the 2019 election based on a pledge to get Brexit done and a manifesto that we will continue to deliver but I know that we Conservatives are going to have to work very hard to regain people's confidence after such internal political difficulties. For now, the imperative of bringing stability and calm to the country and the economy is what matters most.
