Rishi Sunak is a British politician who was Chancellor of the Exchequer from 2020 to 2022 after serving as Chief Secretary to the Treasury from 2019 to 2020. He has been the Conservative Party’s Member of Parliament (MP) for Richmond (Yorks) since 2015.
As Chancellor, Sunak was important in the government’s economic response to the economic repercussions of the government’s decision to impose a lockdown in the United Kingdom to deal with the COVID-19 epidemic. He became the first Chancellor in British history to be sanctioned for breaking the law while in office in April 2022, when he was handed a fixed penalty notice for violating COVID-19 restrictions during lockdowns. He resigned as Chancellor on July 5, 2022, citing differences with Boris Johnson in his resignation letter.
Rishi Sunak Early Life
Sunak was born in Southampton on May 12, 1980, to Indian parents Yashvir and Usha Sunak. He is the eldest of three brothers and sisters. His father, Yashvir, was born in the Colony and Protectorate of Kenya (modern-day Kenya), while his mother, Usha, was born in Tanganyika (which later became part of Tanzania). His grandparents were born in Punjab Province, British India, and immigrated to the United Kingdom with their children in the 1960s from East Africa. Usha was a pharmacist who ran a neighborhood drugstore, and Yashvir was a general practitioner.
Sunak went to Stroud School in Romsey, Hampshire, and then to Winchester College, a boys’ independent boarding school where he was head boy and editor of the school newspaper. He received a first-class degree in philosophy, politics, and economics from Lincoln College, Oxford, in 2001. During his university years, he worked as an intern at Conservative Campaign Headquarters. He received his MBA from Stanford University, where he was a Fulbright fellow, in 2006.
|Real Name||Rishi Sunak|
|Name earned||“Maharaja of the Dales”|
|Profession(s)||Politician, Businessman, Author|
|Famous for||Affiancing to Bill Gates’ eldest daughter Jennifer Gates|
|Height (approx.)||in centimeters– 170 cm
in meters– 1.70 m
in feet & inches– 5’ 7”
|Political Party||The Conservative Party|
|Political Journey||• Member of Parliament
for Richmond (Yorks) (7 May 2015- Present)
• Parliamentary Under-Secretary of State for Local Government (9 January 2018 – 24 July 2019)
• Chief Secretary to the Treasury (24 July 2019 – 13 February 2020)
• On 13 February 2022, he became the Chancellor of the Exchequer.
• On 5 July 2022, he resigned as Chancellor of the Exchequer citing a loss of confidence in Prime Minister Boris Johnson’s leadership.
|Biggest Rival||The Labour Party|
|Books||• A Portrait of Modern Britain
• The Free Ports Opportunity: How Brexit Could Boost Trade, Manufacturing, and the North
• A New Era for Retail Bonds: How Our Savings Could Help SMEs Grow
|Date of Birth||12 May 1980 (Monday)|
|Age (as of 2022)||42 Years|
|School||• Winchester College|
|College/University||• Oxford University
• Stanford University
|Educational Qualification(s)||• A degree in Electrical engineering & physics (Oxford University)
• An advanced degree in MBA (Stanford University)
|Address||Kirby Sigston, North Yorkshire|
|Hobbies||keeping fit, Playing cricket, Football and Watching movies|
|Controversy||Many British newspapers reported on 7 April 2022 that Rishi Sunak’s wife, Akshata Murthy, claims non-domiciled tax status in the UK. According to British law, this implies she is not required to pay taxes on dividends received from foreign corporations. Furthermore, during the Russia-Ukraine War, the opposition questioned Ms. Murthy’s income from Infosys, which was still performing some of its functions in Russia; this was at a time when Mr. Sunak himself frequently urged British companies to leave Russia in order to “inflict maximum economic pain” on the Vladimir Putin administration. Later, it was revealed that Infosys had planned to withdraw from Russia.|
|Marriage Date||August 2009|
|Children||Daughter(s)– Anoushka Sunak, Krishna Sunak|
|Parents||Father– Yashvir Sunak
Mother– Usha Sunak
|Assets/Properties||A 12-acre mansion in Downing Street, North Yorkshire|
Rishi Sunak Political Career
Member of Parliament
- In October 2014, Sunak was chosen as the Conservative candidate for Richmond (Yorks). The seat had previously been held by William Hague, a former Conservative Party leader, Foreign Secretary, and First Secretary of State who elected not to run in the following general election.
- The constituency is one of the safest Conservative seats in the country, having been held by the party for over a century.
- Sunak was the head of the Black and Minority Ethnic (BME) Research Unit at the center-right think tank Policy Exchange in the same year, when he co-wrote a report on BME communities in the UK.
- He was elected as the constituency’s MP in the 2015 general election with a majority of 19,550 votes (36.2 percent ). [From 2015 to 2017, he served on the Environment, Food, and Rural Affairs Select Committee.
- Sunak voted in favor of the United Kingdom leaving the European Union in the June 2016 membership referendum.
- That year, he authored a report for the Centre for Policy Studies (a Thatcherite think tank) in support of the construction of free ports following Brexit, and the following year, he advocated for the creation of a retail bond market for small and medium-sized businesses.
- Sunak was re-elected in the 2017 general election with a larger majority of 23,108 votes (40.5 percent ).
- Between January 2018 to July 2019, he was Parliamentary Under-Secretary of State for Local Government.
- Sunak supported then-Prime Minister Theresa May’s Brexit divorce deal on all three occasions and opposed any departure agreement referendum.
- In the 2019 Conservative Party leadership contest, he backed Boris Johnson and co-wrote an article in The Times with fellow MPs Robert Jenrick and Oliver Dowden to push for Johnson during the campaign in June.
Chief Secretary to the Treasury
- Sunak was named Chief Secretary to the Treasury on July 24, 2019, by Prime Minister Boris Johnson, reporting to Chancellor Sajid Javid. The next day, he was appointed to the Privy Council.
- In the 2019 general election, he was re-elected with a larger majority of 27,210 votes (47.2 percent ). Sunak represented the Conservatives in both the BBC and ITV’s seven-way election debates during the election campaign.
Chancellor of the Exchequer (2020-2022)
- Sunak was appointed Chancellor as part of a cabinet reshuffle on 13 February 2020, following the departure of his predecessor, Javid, on the same day.
- Following a meeting with Prime Minister Johnson, Javid resigned as Chancellor of the Exchequer.
- During the meeting, Johnson promised to preserve his post on the condition that he fires all of his Treasury advisers and replace them with those chosen by Cummings.
- Sunak released his first budget on March 11, 2020, in the midst of the COVID-19 epidemic. Because the pandemic had a financial impact, Sunak promised an additional £30 billion in spending, £12 billion of which was targeted to mitigating the economic impact of the COVID-19 epidemic.
- On March 17, 2020, he announced £330 billion in emergency company help and a pay subsidy scheme for employees. Three days later, he introduced the employment retention scheme, which drew harsh criticism because an estimated 100,000 individuals were ineligible for it. The plan has been extended until September 30, 2021.
- Sunak announced the Eat Out to Help Out Scheme, a £30 billion initiative to support and generate jobs in the hospitality industry. Food and soft drinks are half-priced at participating cafés, pubs, and restaurants, up to £10 per person. The promotion was valid from Monday through Wednesday, August 3 to August 31, 2020. While some consider the project a success because it provided £849 million in meal subsidies, others disagree. According to a study conducted at the University of Warwick, the initiative lead to an increase in COVID-19 infections of between 8% and 17%.
- Sunak said in his March 2021 budget that the FY 2020-2021 deficit had increased to £355 billion, the biggest in peacetime. He raised the company tax from 19 percent to 25 percent in 2023, as well as freezing the tax-free personal allowance for five years and raising the higher rate income tax threshold.
- A tax reform deal was made at the G7 Summit in June 2021 to establish a worldwide minimum tax on multinational corporations and online technology enterprises. The OECD made an agreement to join the tax reform proposal in October 2021.
- He released his third budget in October 2021, which included £5 billion for health research and innovation and £3 billion for skills education.
Rishi Sunak Public Image
Sunak emerged from relative obscurity at the start of 2020, following his appointment as Chancellor of the Exchequer. In the early stages of the COVID-19 epidemic, he was extraordinarily popular by British political norms, with one analyst describing him as having “higher ratings than any politician since the heydays of Tony Blair.” Various polls indicated that he will keep this role throughout 2020. Sunak established a cult media following, with jokes and gossip about his sexual attractiveness spreading on social media and in periodicals.
Sunak’s popularity fell considerably over time, but public sentiments remained essentially favorable in 2021. Sunak’s response as Chancellor of the Exchequer was judged to be inadequate by early 2022, as the expense of living became a growing source of popular concern, and he suffered some of his lowest ever approval ratings. As the Sunak family’s financial issues were scrutinized, the collapse continued.
Rishi Sunak Resignation
Sunak resigned as chancellor on 5 July 2022, shortly after Sajid Javid resigned as health secretary amid a controversy regarding sexual harassment charges against Chris Pincher MP. Sunak’s successor has been named Nadhim Zahawi.
Rishi Sunak Wife and Personal Life
- Sunak married Akshata Murty, the daughter of Infosys founder and Indian billionaire N. R. Narayana Murthy, in August 2009. Akshata Murty owns 0.91 percent of Infosys, which is worth around $900 million (£690 million) as of April 2022. Following Russia’s 2022 invasion of Ukraine, which prompted criticism of Sunak and his family, Infosys stated in April that it was closing its Russian operation. Akshata also has a stake in two of Jamie Oliver’s restaurants, Wendy’s in India, Koro Kids (a nanny agency), and Digme Fitness (gym operator).
- Akshata and Sunak met at Stanford University and had two daughters together. Akshata is a director at Catamaran Ventures, her father’s investment firm, and she also runs her own fashion label. They live at Kirby Sigston Manor in Kirby Sigston, North Yorkshire, near Northallerton. They also own a house in central London’s Kensington, a flat on London’s Old Brompton Road, and a penthouse apartment in Santa Monica, California.
- Sunak is a Hindu who has taken the Bhagavad Gita oath in the House of Commons since 2017. He does not drink alcohol. He previously served as a governor at East London Science School. Sunak has a Labrador retriever named Nova.
- Sanjay, Sunak’s brother, is a five-degreed psychologist. Raakhi is the Foreign, Commonwealth, and Development Office’s Head of Humanitarian, Peacebuilding, and UN Funds and Programmes. He has known The Spectator’s political editor, James Forsyth since they were students at Winchester College. Sunak was the best man during Forsyth’s wedding to journalist Allegra Stratton, and their children are godparents to each other.
- Sunak and his wife were believed to have moved out of Downing Street to a freshly rebuilt posh West London residence in April 2022. In the Sunday Times Wealthy List 2022, he was ranked 222nd, with an estimated worth of £730 million shared with his wife, making him the “first frontline politician to join the rich list.”
Non-domiciled status of his wife
Sunak’s wife, Akshata Murty, has non-domiciled status, which means she is exempt from paying tax on income earned overseas while residing in the United Kingdom. She spends approximately £30,000 to obtain the status, which allows her to avoid paying approximately £20 million in UK taxes. Following media scrutiny, Murty declared on April 8 that she would pay UK taxes on her global income, adding in a statement that she did not want the issue to “distract my husband.” On April 10, it was stated that a Whitehall investigation had been initiated to determine who had leaked the details of her tax status.
Rishi Sunak Height
The Indian guy has a good appearance. He usually wears plain clothes. Rishi wears a business coat when he has to attend an event or give a speech. Rishi Sunak is a tall man, standing 170 cm (5 ft 7 in) and weighing 70 kg (154 lbs).
He can be seen in local sporting events in his neighborhood. He enjoys sports and considers them to be physical exercise.
Rishi Sunak Net Worth
Rishi Sunak, an ex-hedge fund manager and British politician with a net worth of £200 million, has been the Chancellor of the Exchequer since February 2020. Sunak is thought to be the wealthiest MP currently in office.
|Net Worth:||£200 Million|
|Age:||42 Years Old|
|Born:||12 May 1980|
|Salary and Income:||$30 Million|
Rishi Sunak’s net worth is expected to be over £200 million in 2022. Sunak is often recognized as the House of Commons’ wealthiest member. He was a banker before marrying Akshata Murty, the daughter of N. R. Narayana Murthy, the Indian billionaire entrepreneur and founder of Infosys. He is believed to own at least four properties.
Sunak began his career at Goldman Sachs in New York before moving into hedge fund management and establishing Theleme Partners in 2010. Following his appointment as Chief Secretary to the Treasury in 2019 by former Chancellor Sajid Javid, he established a blind trust that is said to house multi-million-pound fortunes.
Rishi Sunak Salary
Gov.uk: Financial Year 2021-22 Entitled Salary £71,673
Gov.uk: Financial Year 2020-21: Entitled Salary £71,673
Gov.uk: £ 71.090 (entitled Salary 2019)
Rishi Sunak Interesting Facts:
- Rishi Sunak was born into a Hindu family; his grandparents immigrated to the UK from East Africa about 1960, making him a first-generation immigrant in the UK.
- His father was a General Practitioner, and his mother was the owner of a small medical supply store. Throughout his boyhood, he would frequently assist her at the pharmacy.
- While studying for an MBA at Stanford University, he met his wife Akshata Murthy (daughter of Infosys co-founder N. R. Narayana Murthy). The couple resided there for a few years before returning to London.
- Sunak enjoys sports and working out. “Southampton Football Club” is his favorite football club, and Matt le Tissier was his childhood hero.
- Sunak is a Coca-Cola junkie, as he stated in an interview: “I’m a total Coke addict, Coca-Cola addict to be completely explicit.” “I have seven fillings to prove it.”