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rship of Rishi Sunak
Chancellorship of Rishi Sunak
13 February 2020 – 5 July 2022
PartyConservative
Nominated byBoris Johnson
Appointed byElizabeth II
Seat11 Downing Street

Rishi Sunak served as Chancellor of the Exchequer of the United Kingdom from his appointment on 13 February 2020 to his resignation on 5 July 2022, during the second ministry of Boris Johnson's premiership, having previously served as Chief Secretary to the Treasury during Johnson's first ministry. Sunak was elevated as Prime Minister of the United Kingdom following the resignation of Liz Truss in October 2022.

Sunak was promoted to chancellor as part of Johnson's first cabinet reshuffle on 13 February 2020, succeeding Sajid Javid, who had resigned as chancellor earlier that day after a meeting with Johnson. Sunak was prominent in the government's financial response to the COVID-19 pandemic and its economic impact, including the Coronavirus Job Retention and Eat Out to Help Out schemes. Amid the Partygate scandal, he became the first chancellor to have been sanctioned for breaking the law while in office after being issued a fixed penalty notice in April 2022 for breaching COVID-19 regulations during lockdowns. He was also involved in the government's response to the ongoing cost of living crisis, UK energy supply crisis, and global energy crisis.

Sunak released three budgets during his chancellorship, one in March 2020 and two in March and October of 2021. He resigned as chancellor on 5 July 2022, and was the second of 61 Conservative MPs to resign during the government crisis. Sunak was succeeded as chancellor by Nadhim Zahawi.

This article is part of
a series about
Rishi Sunak
Chancellor of the Exchequer
Prime Minister of the United Kingdom
Post-premiership
Electoral history
Rishi Sunak's signature

Appointment

Background

Rishi Sunak was appointed Chief Secretary to the Treasury by Prime Minister Boris Johnson on 24 July 2019, and Sajid Javid was appointed Chancellor of the Exchequer. Tensions between 10 Downing Street and the Treasury had come to a head in August 2019, when Johnson's Chief Special Adviser Dominic Cummings dismissed one of Javid's aides, Sonia Khan, without Javid's permission and without informing him.

It was alleged that, during her dismissal, Cummings "went outside No 10 and asked an armed officer to enter the building and escort Khan off the premises."[1] In November 2019, following questions of a rift between the two men, Johnson gave his assurance that he would retain Javid as chancellor after the 2019 general election.[2] After the Conservative Party's victory at the 2019 general election, Javid remained as chancellor and Sunak remained as the Chief Secretary to the Treasury.

Appointment as Chancellor

Sunak (far-right) attending Boris Johnson's first cabinet meeting after the Conservative Party's victory at the 2019 general election

In the weeks leading up to Johnson's first cabinet reshuffle in February 2020, a number of briefings in the press had suggested that a new economic ministry led by Sunak might be established, to reduce the power and political influence of the Treasury. Sunak was considered to be a Johnson loyalist, seen as the "rising star" minister who had ably represented Johnson during the 2019 general election debates.[3][4] By February 2020, it was reported that Javid would remain in his role as Chancellor and that Sunak would stay on as Chief Secretary to the Treasury, in order to "keep an eye" on Javid.[5]

On 13 February 2020, the day of the reshuffle, Javid resigned as Chancellor of the Exchequer, following a meeting with Johnson. During the meeting, Johnson had offered to allow Javid to keep his position on the condition that he dismiss all his advisers at the Treasury and replace them with ones selected by 10 Downing Street.[6] Upon resigning, Javid told the Press Association that "no self-respecting minister would accept those terms".[7][8] Javid's resignation had been unexpected, given Johnson's commitment to keep him in the Cabinet and recent reports that a rival finance ministry would not be created.

Sunak was promoted to chancellor to replace Javid as part of Johnson's first cabinet reshuffle later that day.[9][10] Some political commentators saw Sunak's appointment as signalling the end of the Treasury's independence from Downing Street, with Robert Shrimsley, chief political commentator of the Financial Times, arguing that "good government often depends on senior ministers – and the Chancellor in particular – being able to fight bad ideas".[11]

Major acts as Chancellor

COVID-19 pandemic

Further information: British government response to the COVID-19 pandemic § Financial response, and 2020 United Kingdom budget
Sunak holding up a red box containing the 2020 budget speech

Sunak's first budget took place on 11 March 2020.[12] This included £30 billion of additional spending, of which £12 billion was allocated for mitigation of the economic effects of the COVID-19 pandemic, which had begun to spread rapidly throughout the country.[13] It was scheduled to be followed by another budget in the autumn, but in September 2020 the Treasury announced that budget would be scrapped because of COVID-19, with Sunak stating "now is not the right time to outline long-term plans – people want to see us focused on the here and now".[14]

In response to the first confirmed COVID-19 cases in January 2020, Sunak and the government introduced advice for travellers coming from affected countries in late January and February 2020, and began contact tracing,[15] although this was later abandoned. The government incrementally introduced further societal restrictions on the public as the virus spread across the country in the following weeks, initially resisting more stringent measures introduced elsewhere in Europe and Asia.[16] Johnson announced the first national lockdown on 23 March 2020 and Parliament introduced the Coronavirus Act 2020, which granted the devolved governments emergency powers and empowered the police to enforce public health measures.[17] Sunak was part of a committee of Cabinet ministers (also comprising Johnson, Matt Hancock, and Michael Gove) that made decisions on the pandemic. Following Hancock's resignation in 2021, Javid replaced him as Health Secretary, and joined the committee of Cabinet minsters that made decisions on the pandemic.[18]

On 20 March 2020, Sunak gave a statement on COVID-19, saying:

Now, more than any time in our history, we will be judged by our capacity for compassion. Our ability to come through this, won’t just be down to what government or businesses do, but by the individual acts of kindness that we show each other. The small business who does everything they can not to lay off their staff. The student who does a shop for their elderly neighbour. The retired nurse who volunteers to cover some shifts in their local hospital. When this is over, and it will be over, we want to look back on this moment and remember the many small acts of kindness done by us and to us. We want to look back on this time and remember how we thought first of others and acted with decency. We want to look back on this time and remember how, in the face of a generation-defining moment, we undertook a collective national effort - and we stood together. It’s on all of us.[19]

Sunak at a press conference on COVID-19 on 20 March 2020.

As the governments began lifting the nationwide stay-at-home order, policies and approaches diverged between the four nations. The Scottish government uniquely pursued an elimination strategy. Across the country, localised lockdowns, social distancing measures, self-isolation laws for those exposed to the virus and rules on face masks were introduced, as well as efforts to expand COVID-19 testing and tracing. In autumn and winter 2020, further nationwide lockdowns were introduced in response to a surge in COVID-19 cases and the Alpha variant. A COVID-19 vaccination programme began in December 2020. In mid-2021, the government lifted most restrictions during the third wave driven by the Delta variant, until the "winter plan" reintroduced some rules in response to the Omicron variant in December that year. Remaining restrictions were lifted in England from 24 February 2022 under a "living with COVID" plan announced by the government on that date. Economic support was provided to struggling businesses and to furlough employees to mitigate the severe economic impact. It also forwent the procurement process in contracts in response to shortages of PPE and medical equipment, major issues in the early months of the outbreak, and for developing a contact tracing app.

The UK government's response to the pandemic, in particular the timeliness of public health measures being introduced and lifted, has faced criticism from academic medical sources, media outlets, relatives of COVID-19 patients and various political figures. A public inquiry into the response is due to commence in 2022. As the pandemic generated financial consequences, Sunak's measures as chancellor received criticism as some workers were unable to qualify for the Treasury's income support measures.[20] The Institute for Employment Studies estimated that 100,000 people could not be eligible for any type of government help as they started a new job too late to be included on the job retention scheme, while the British Hospitality Association informed the Treasury Select Committee that between 350,000 and 500,000 workers in its sector were not eligible.[21][22] On 26 September 2020, Sunak was said to have opposed a second lockdown with the threat of his resignation, due to what he saw as the dire economic consequences it would have and the responsibility he would have to suffer for that.[23][24]

Job retention scheme

Sunak as Chancellor in April 2020, in a video concerning government support for businesses amidst the COVID-19 pandemic

On 17 March 2020, Sunak introduced a programme providing £330 billion in emergency support for businesses,[25] as well as a furlough scheme for employees. This was the first time a British government had created such an employee retention scheme.[26][27] The scheme was introduced on 20 March 2020 as providing grants to employers to pay 80% of a staff wage and employment costs each month, up to a total of £2,500 per person per month.[27] The cost has been estimated at £14 billion a month to run.[28] The Coronavirus Job Retention Scheme initially ran for three months and was backdated to 1 March. Following a three-week extension of the countrywide lockdown the scheme was extended by Sunak until the end of June 2020.[29][30] At the end of May, Sunak extended the scheme until the end of October 2020. The decision to extend the job retention scheme was made to avoid or defer mass redundancies, company bankruptcies and potential unemployment levels not seen since the 1930s.[31] After a second lockdown in England on 31 October 2020, the programme was further extended until 2 December 2020,[32] this was followed on 5 November 2020 by a lengthy extension until 31 March 2021.[33] On 17 December 2020, the programme was further extended until 30 April 2021.[34] In the 2021 United Kingdom budget held on 3 March 2021, Sunak confirmed that the scheme had been extended once more until 30 September 2021.[35]

Sunak announcing a new scheme for larger companies in April 2020

Following changes to the scheme at the end of May, the director of the Northern Ireland Retail Consortium said that being asked to pay wages when businesses had not been trading was an added pressure, while the Federation of Small Businesses was surprised that the Chancellor was tapering the scheme when ending it.[36] Northern Ireland's economy minister Diane Dodds said that changes to the scheme could be very difficult for some sectors uncertain about when they can reopen, particularly in the hospitality and retail sector, whilst finance minister Conor Murphy said that it was too early in the economic recovery.[37] By 15 August 80,433 firms had returned £215,756,121 that had been claimed under the scheme. Other companies had claimed smaller amounts of grant cash on the next instalment to compensate for any overpayment. HM Revenue and Customs officials believed that £3.5 billion may have been paid out in error or to fraudsters.[38]

Coronavirus Job Retention Scheme

Main article: Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme (CJRS) was a furlough scheme announced by Rishi Sunak, the Chancellor of the Exchequer, on 20 March 2020.[39] The scheme was announced on 20 March 2020 as providing grants to employers to pay 80% of a staff wage and employment costs each month, up to a total of £2,500 per person per month. The scheme initially ran for three months and was backdated to 1 March.[40] Following a three-week extension of the countrywide lockdown the scheme was extended until the end of June 2020.[41][42] At the end of May, the scheme was extended until the end of October 2020. After a second lockdown in England was announced on 31 October 2020, a further extension was announced until 2 December 2020,[43] this was followed on 5 November 2020 by a lengthy extension until 31 March 2021.[44] A further extension until 30 April 2021 was announced on 17 December 2020.[45] A day ahead of the 2021 United Kingdom budget held on 3 March 2021, it was confirmed that the scheme had been extended once more until 30 September 2021.[46]

Future Fund

The Future Fund, is a £1.1 billion investment portfolio set up by Sunak in May 2020 and managed by the British Business Bank. The fund invested in 1,190 mainly early-stage companies at the height of the COVID-19 pandemic. One director overseeing the portfolio described the companies as mostly "zombie businesses", leaving the fund with "a significant tail of dormant companies".[47] Future Fund investments include sex-party firm Killing Kittens[48] and events start-up Pollen, which fell into administration in August 2022.[49][50][51]

Eat Out to Help Out

Main article: Eat Out to Help Out

In July, 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, a job retention bonus for employers and the Eat Out to Help Out scheme,[52][53] aimed at supporting and creating jobs in the hospitality industry. The government subsidised food and soft drinks at participating cafes, pubs and restaurants at 50%, up to £10 per person. The offer was available from 3 to 31 August on Monday to Wednesday each week.[54] In total, the scheme subsidised £849 million in meals.[55]

Sunak announced the scheme on 8 July 2020 as part of the British government's Plan for Jobs strategy.[56][57] It involved the government subsidising food and non-alcoholic drinks at participating cafes, pubs, and restaurants at 50%, up to £10 per person (per order). The offer, announced in July 2020, was available during the month of August 2020, from Monday to Wednesday each week.[58][59] In total, the scheme subsidised £849 million across 160 million subsidised meals.[59][60] Some consider the scheme to be a success in boosting the hospitality industry,[61] while others disagree.[62][63] A 2021 study found that the scheme contributed to a rise in COVID-19 infections.[59][64]

Further lockdowns were introduced later in 2020 after the scheme ended in response to an increase in COVID-19 infections, which forced many hospitality venues to close once again.[59]

Sunak delivering a speech on the Winter Economy Plan in September 2020

Winter Economy Plan

Main article: September 2020 United Kingdom Winter Economy Plan

The Winter Economy Plan was delivered by Sunak on 24 September 2020. The purpose of the statement was to announce measures aimed at further helping to promote economic recovery following the impact of the COVID-19 pandemic. The plan aimed to further promote economic recovery while preserving jobs and businesses which were considered viable.

March 2021 budget

Main article: March 2021 United Kingdom budget

The March 2021 budget, officially known as Protecting the Jobs and Livelihoods of the British People, was delivered by Sunak in March 2021.[65] It was expected to be delivered in Autumn 2020, but was postponed because of the COVID-19 pandemic.[66][67][68] It succeeds the budget held in March 2020, and the summer statement and Winter Economy Plan held in summer and autumn 2020, respectively. The budget was the first for government expenditure in the United Kingdom to exceed £1 trillion.

Fixed penalty notice

Main article: Partygate
Johnson and Sunak at the former's birthday celebration on 19 June 2020; both men later received fixed penalty notices for attending the gathering

The Partygate controversy began when it was first reported in November 2021 that parties and other gatherings of government and Conservative Party staff, some of which included Johnson, were held during the COVID-19 pandemic in 2020 and 2021, when public health restrictions prohibited most gatherings. While several lockdowns in the country were in place, gatherings took place at 10 Downing Street, its garden, and other government buildings. Reports of events attracted media attention, public backlash and political controversy. In an interview with BBC Political Editor Chris Mason, Sunak defended Johnson amid the backlash, claiming that Johnson "apologised profusely and sincerely", had "acted on it and learned the lessons", and was "even more committed" to "deliver for the British people". Sunak said Johnson had "his full support" and that he always trusted and believed Johnson.[69]

Sunak hailing global cooperation in October 2021, after 136 countries agreed a new system ensuring large multi-nationals pay the right tax in the right places

In late January 2022, twelve gatherings came under investigation by the Metropolitan Police, including at least three attended by Johnson and one, a birthday party for Johnson on 19 June 2020, that was attended by Sunak. The police issued 126 fixed penalty notices (FPNs) to 83 individuals whom the police found had committed offences under COVID-19 regulations, including one each to Johnson, his wife Carrie Johnson, and Sunak, who all apologised and paid the penalties.[70][71] Sunak said he was "extremely and sincerely sorry" for the hurt caused by him attending the party, and that he respected the police's decision to give him a fine.[72]

March 2021 budget

In his March 2021 budget, Sunak emphasized the effect the COVID-19 pandemic has had on the economy, with 700,000 people losing their jobs, the economy shrinking by 10% (the largest fall in 300 years), and the highest borrowing outside wartime.[73][74] The budget included an increase in the rate of corporation tax from 19% to 25% in 2023, a five-year freeze in the tax-free personal allowance and the higher rate income tax threshold, and the extension of the furlough scheme until the end of September.[75] Sunak was the first Chancellor to raise the corporation tax rate since Labour's Dennis Healey in 1974.[74]

October 2021 budget

Sunak holding up a red box containing the 2021 autumn budget speech

In October 2021, Sunak made his third and final budget statement, which included substantial spending promises to a large extent related to science and education.[76] The budget increased in-work support through the Universal Credit system by increasing the work allowances by £500 a year, and reducing the post-tax deduction taper rate from 63% to 55%.[77][78] £560m of investment was announced for the Levelling Up White Paper.[79] Many of the announcements to be made in the budget were previewed before budget day, drawing criticism and anger from the House of Commons. In response to the criticism, Sunak said the budget "begins the work of preparing for a new economy".[80]

Cost of living crisis

Main articles: 2021–present United Kingdom cost of living crisis and 2021 United Kingdom natural gas supplier crisis

As the rising cost of living became an increasingly serious and worrying issue for the country, the UK government including Sunak intensified its efforts to respond to the cost of living crisis in May 2022, with a £5bn windfall tax on energy companies to help fund a £15bn support package for the public. The package included every household getting a £400 discount on energy bills, which would be in addition to a £150 council tax refund the government had already ordered. For about 8 million of the UK's lowest income households, a further £650 payment was announced. Additionally, pensioners or those with disability would qualify for extra payments, on top of the £550 that every household gets, and the £650 they would receive if they had a low income.[81][82][83][84]

Sunak made his spring statement on 23 March 2022. He said that the recovery from the COVID-19 pandemic had been disrupted by the Russian invasion of Ukraine. He cut fuel duty, removed VAT on energy saving equipment (such as solar panels and insulation) and reduced national insurance payments for small businesses and, while continuing with a planned national insurance rise in April, he promised to align the primary threshold with the basic personal income allowance as of July. He also promised a reduction in income tax in 2024. The Office for Budget Responsibility said that the tax burden would reach its highest level since the 1940s. Sunak also provided some funding to help vulnerable people cope with the rising cost of living.[85]

Other actions

Sunak in October 2021 welcoming an agreement from G7 Finance Ministers to work together to monitor supply chain pressures as the global economy rebounds from COVID-19

G7 tax reform

Sunak hosted a G7 summit in London in June 2021.[86] A tax reform agreement was signed, which in principle sought to establish a global minimum tax on multinationals and online technology companies.[86] In October 2021, the OECD signed an accord to join the tax reform plan.[87]

COP 26

Sunak attended COP 26 in Glasgow.[88] During the speech he gave on 3 November, he said that he felt optimism despite daunting challenges and that by bringing together finance ministers, businesses and investors, COP 26 could begin to deliver targets from the Paris Agreement.[89] He outlined three actions: First, the need for increased public investment, with the U.K. committing £100 million to the Taskforce on Access to Climate Finance. He announced support for a new Capital Markets Mechanism which will issue green bonds in the U.K. to fund renewable energy in developing countries.[89] Second, mobilising private finance, with the Glasgow Financial Alliance for Net Zero bringing together organisations with assets over $130 trillion to be deployed.[89] Third, the rewiring of the entire global financial system for net zero, which would include better climate data, mandatory sustainability disclosures, climate risk surveillance and stronger global reporting standards.[89] Also announced was that the UK will become the first ever ‘Net Zero Aligned Financial Centre’.[89]

Proposed green levy

Sunak privately lobbied to impose a green levy, which would have led to higher petrol and diesel prices, to help pay for the plan to reduce greenhouse gas emissions to net zero by 2050.[90] The proposed Fossil Fuels Emissions Trading Scheme, drawn up by the Treasury, sought to levy pollution from road transportation, as well as shipping, building heating and diesel trains, which together make up more than 40% of UK carbon emissions.[90] The proposal was ultimately rejected by Boris Johnson, who instructed officials that he did not want to increase costs for consumers.[90]

Proposed government-backed non-fungible token (NFT)

Sunak proposed new laws that would pave the way for stablecoins to be used for everyday payments, despite fears from the Bank of England about the financial stability of the technology.[91][92] In April 2022, Sunak ordered the Royal Mint to create a UK government-backed non-fungible token (NFT) to be issued by summer 2022.[93][94]

Economic ties with China

Sunak promoted trade talks in pursuit of stronger economic ties with China.[95][96][97]

Resignation and post-chancellorship career in politics

Resignation as Chancellor

Main articles: July 2022 United Kingdom government crisis and Chris Pincher scandal
Sunak (right) and Sajid Javid (left) (the first two cabinet members to resign on 5 July) pictured with Boris Johnson (centre)

On 5 July 2022, Sunak and Health Secretary Javid resigned almost simultaneously amid a scandal surrounding the sexual harassment allegations against Chris Pincher, which arose after it was revealed that Johnson had promoted Pincher to the position despite knowing of the allegations beforehand. Sunak was the second of 61 Conservative MPs to resign during the government crisis. In his resignation letter Sunak said:

Dear Prime Minister, It is with deep sadness that I am writing to you to resign from the Government. It has been an enormous privilege to serve our country as Chancellor of the Exchequer and I will always be proud of how during the pandemic we protected people's jobs and businesses through actions such as furlough. To leave ministerial office is a serious matter at any time. For me to step down as Chancellor while the world is suffering the economic consequences of the pandemic, the war in Ukraine and other serious challenges is a decision that I have not taken lightly. However, the public rightly expect government to be conducted properly, competently and seriously. I recognise this may be my last ministerial job, but I believe these standards are worth fighting for and that is why I am resigning.

I have been loyal to you. I backed you to become Leader of our Party and encouraged others to do so. I have served as your Chancellor with gratitude that you entrusted me with stewardship of the nation's economy and finances. Above all, I have respected the powerful mandate given to you by the British people in 2019 and how under your leadership we broke the Brexit deadlock. That is why I have always tried to compromise in order to deliver the things you want to achieve. On those occasions where I disagreed with you privately, I have supported you publicly. That is the nature of the collective government upon which our system relies and it is particularly important that the Prime Minister and Chancellor remain united in hard times such as those we are experiencing today.

Our country is facing immense challenges. We both want a low-tax, high-growth economy, and world class public services, but this can only be responsibly delivered if we are prepared to work hard, make sacrifices and take difficult decisions. I firmly believe the public are ready to hear that truth. Our people know that if something is too good to be true then it's not true. They need to know that whilst there is a path to a better future, it is not an easy one. In preparation for our proposed joint speech on the economy next week, it has become clear to me that our approaches are fundamentally too different. I am sad to be leaving Government but I have reluctantly come to the conclusion that we cannot continue like this. Kind regards, Rishi Sunak.[98][99]

He was succeeded as chancellor by Nadhim Zahawi. Following the resignations of Javid and Sunak, numerous junior ministers and among the Parliamentary Private Secretary (PPS) also resigned, most of whom cited a lack of honesty and integrity on the part of Johnson. In the following 24 hours, 36 MPs resigned from their roles in government. This marked both the largest number of ministerial resignations in a 24-hour period since the British Empire Economic Conference in 1932, and the largest number of such resignations on record. After a total of 62 resignations, Johnson announced on 7 July that he would resign as Conservative party leader and Prime Minister once the leadership election to determine his successor was completed.

Leadership bids

The Ready For Rishi logo

Sunak stood in the July–September 2022 Conservative Party leadership election to replace Johnson.[100] Announcing his decision to stand in a social media video, Sunak said he wanted to "restore trust, rebuild the economy and reunite the country". His pledges during the campaign included tax cuts only when inflation was under control, scrapping of the 5% VAT rate on household energy for one year, introducing a temporary £10 fine for patients who fail to attend GP appointments, capping of refugee numbers, and a tightening of the definition of asylum.

Sunak and Foreign Secretary Liz Truss emerged as the final two candidates in the contest on 20 July to be put forward to the membership for the final leadership vote; he had received the most votes in each of the series of MP votes with Sunak receiving 137 to Truss's 113 in the final round. In the membership vote, Truss received 57.4% of the vote, making her the new leader over Sunak.[101] Following Truss's victory in the leadership election, Sunak returned to the backbenches.

Following the resignation of Liz Truss on 20 October 2022, Sunak was thought to be a possible contender for the abridged leadership contest, along with Penny Mordaunt and Boris Johnson, who had resigned as Prime Minister before Liz Truss's appointment. On 23 October, Sunak declared that he would stand for election.

Prime Minister of the United Kingdom

Main article: Premiership of Rishi Sunak

After Johnson ruled himself out of the race and Mordaunt withdrew, Sunak was announced as the new Leader of the Conservative party on 24 October, and was subsequently appointed as Prime Minister of the United Kingdom by King Charles III the following day.[102][103][104][105][106] He is the first prime minister since Gordon Brown to have previously served as chancellor and the first prime minister to have been appointed by Charles III during his reign.[107]

Notes

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Works cited

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