.jpg) Sunak's Official Cabinet Portrait, September 2021 | |
| Chancellorship of Rishi Sunak 13 February 2020 – 5 July 2022 | |
| Party | Conservative |
|---|---|
| Nominated by | Boris Johnson |
| Appointed by | Elizabeth II |
| Seat | 11 Downing Street |
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Rishi Sunak served asChancellor of the Exchequer of theUnited Kingdom from his appointment on 13 February 2020 to his resignation on 5 July 2022. His tenure was dominated by theCOVID-19 pandemic in the United Kingdom, with Sunak becoming a prominent figure in the government's response to the pandemic, giving economic support to struggling businesses through various schemes. He was also involved in the government's response to thecost of living crisis,UK energy supply crisis, andglobal energy crisis.
Sunak was appointed chancellor by prime ministerBoris Johnson in the2020 cabinet reshuffle, succeedingSajid Javid, who had resigned as chancellor after refusing a demand from Johnson and his chief adviserDominic Cummings that he dismiss his advisers. Sunak was prominent in thegovernment's financial response to the COVID-19 pandemic and itseconomic impact, including theCoronavirus Job Retentionfurlough scheme for employees, and theEat Out to Help Out scheme, although the latter of which contributed to a rise in COVID-19 infections.Controversies regarding COVID-19 contracts occurred during Sunak's chancellorship. In thePartygate scandal it was found that multiple parties had been held at10 Downing Street duringnational COVID-19 lockdowns, and COVID-19 social distancing laws were breached by 83 individuals, including Sunak, who in April 2022 was issued with afixed penalty notice.
In May 2022, as the rising cost of living became an increasingly serious and worrying issue for the country, Sunak intensified the government's efforts to respond to the crisis, with a £5 billionwindfall tax on energy companies to help fund a £15 billion support package for the public. Following theChris Pincher scandal, Sunak resigned as chancellor on 5 July 2022, almost simultaneously with Javid's resignation ashealth secretary, and was the second of 62 Conservative MPs to resign during thegovernment crisis which culminated in Johnson's own resignation. He was succeeded byNadhim Zahawi. Three months after the end of his chancellorship, Sunak became prime minister following the resignation ofLiz Truss in October 2022 amidanother government crisis, having spent the duration of Truss's premiership on the backbenches.
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Policies Chancellor of the Exchequer
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Rishi Sunak was appointedChief Secretary to the Treasury byPrime MinisterBoris Johnson on 24 July 2019, andSajid Javid was appointedChancellor of the Exchequer. Tensions between10 Downing Street andthe Treasury had come to a head in August 2019, when Johnson's Chief Special AdviserDominic 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 the2019 general election.[2] After theConservative Party's landslide victory at the 2019 general election, Javid remained as chancellor and Sunak remained as Chief Secretary to the Treasury.
In the weeks leading up toJohnson'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 thePress 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, which began duringGordon Brown'schancellorship underTony Blair, with Robert Shrimsley, chief political commentator of theFinancial Times, arguing that "good government often depends on senior ministers – and the Chancellor in particular – being able to fight bad ideas".[11]
In response to the first confirmedCOVID-19 cases in January 2020, Sunak and the government introduced advice for travellers coming from affected countries in late January and February 2020, and begancontact tracing, although this was later abandoned.[12] 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 inEurope andAsia.[13] On 23 March 2020, asCOVID-19 had become a pandemic and began rapidly spreading across the country, Johnson announced the first nationallockdown and Parliament introduced theCoronavirus Act 2020, which granted the devolved governments emergency powers and empowered the police to enforce public health measures.[14] Sunak was part of a committee of Cabinet ministers that made decisions on the pandemic.[15]
On 20 March 2020, Sunak gave a statement on COVID-19, saying:[16]
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.
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As the governments began lifting the nationwide stay-at-home order, policies and approaches diverged between the four nations. TheScottish government uniquely pursued anelimination strategy. Across the country, localised lockdowns,social distancing measures,self-isolation laws for those exposed to the virus and rules onface masks were introduced, as well as efforts to expandCOVID-19 testing and tracing. In autumn and winter 2020, further nationwide lockdowns were introduced in response to a surge in COVID-19 cases and theAlpha variant. ACOVID-19 vaccination programme began in December 2020. In mid-2021, the government lifted most restrictions during the third wave driven by theDelta variant, until the "winter plan" reintroduced some rules in response to theOmicron 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 tofurlough employees to mitigate thesevere economic impact. It alsoforwent the procurement process in contracts in response toshortages of PPE and medical equipment, major issues in the early months of the outbreak, and for developing acontact tracing app.
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.[17] TheInstitute 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 theBritish Hospitality Association informed theTreasury Select Committee that between 350,000 and 500,000 workers in its sector were not eligible.[18][19] 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.[20][21] 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. Apublic inquiry into the response began in 2022.[22]
Sunak said he had opposed recommendations by government medical advisers for a second "circuit-breaker" lockdown in September 2020 due to the potential impact on jobs and the economy.[23] Then–health secretaryMatt Hancock said that Sunak had put Johnson under "enormous pressure" not to introduce further restrictions during this time[24] although Sunak maintained he had only advised the Prime Minister on economic matters in order to help him reach a decision.[23] According to the diary of Vallance, he was told byDominic Cummings, Johnson's chief political adviser, that Sunak had argued to "just let people die" during an argument over imposing a second lockdown in October 2020.[25] Sunak denied the "let people die" claim, pointing to the fact that Vallance did not hear the phrase but merely claimed to have been told about it by Cummings.[26]
On 17 March 2020, Sunak introduced a programme providing £330 billion in emergency support for businesses,[27] as well as afurlough scheme for employees. This was the first time a British government had created such an employee retention scheme.[28][29] 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.[29] The cost has been estimated at £14 billion a month to run.[30] TheCoronavirus 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.[31][32] 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.[33] After asecond lockdown in England on 31 October 2020, the programme was further extended until 2 December 2020,[34] this was followed on 5 November 2020 by a lengthy extension until 31 March 2021.[35] On 17 December 2020, the programme was further extended until 30 April 2021.[36] In the2021 budget held on 3 March 2021, Sunak confirmed that the scheme had been extended once more until 30 September 2021.[37]
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 theFederation of Small Businesses was surprised that the Chancellor was tapering the scheme when ending it.[38] Northern Ireland's economy ministerDiane 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 ministerConor Murphy said that it was too early in the economic recovery.[39] 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.[40]
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In July, Sunak unveiled a plan for a further £30 billion of spending which included astamp duty holiday, a cut tovalue-added tax (VAT) for the hospitality sector, a job retention bonus for employers and theEat Out to Help Out scheme,[41][42] aimed at supporting and creating jobs in thehospitality 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.[43] In total, the scheme subsidised £849 million in meals.[44]
Sunak announced the scheme on 8 July 2020 as part of the British government'sPlan for Jobs strategy.[45][46] It involved the governmentsubsidising 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.[47][48] In total, the scheme subsidised £849 million across 160 million subsidised meals.[48][49] Some consider the scheme to be a success in boosting the hospitality industry,[50] while others disagree.[51][52]
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.[48] A 2020 study found that the scheme contributed to a rise in COVID-19 infection, which Johnson acknowledged but the Treasury rejected.[53] A 2021 study found that the scheme contributed to a rise in COVID-19 infections, with Johnson acknowledged but Sunak rejected.[48][54]
It was later alleged by the government's chief medical adviser SirPatrick Vallance during theUK COVID-19 Inquiry that Sunak had not informed medical advisers of the scheme until it was announced, whereas written evidence from Sunak claimed that the scheme had been discussed with medical advisers, including Vallance, and they had not objected.
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In June 2020, David Clarke, chair of theFraud Advisory Panel charity and a group of top white-collar crime experts wrote a letter to Sunak, theNational Audit Office, and others, to alert them the risk of fraud against the government tax-payer backed stimulus schemes. They called for publication of the names of companies receiving Bounce Back Loans to enable data matching to prevent, deter and detect fraud.[55][56] In September 2020, it emerged that Government Ministers were warned about the risk of fraud against the financial support schemes by Keith Morgan, CEO of the state-ownedBritish Business Bank who had concerns about the Bounce Back Loan Scheme and Future Fund.[57] In December 2020, it was reported that banks and theNational Crime Agency also had concerns about fraudulent abuse of the Bounce Back Loan Scheme.[58]
In January 2021, the NCA reported that three city workers who worked for the same London financial institution had been arrested as part of an investigation into fraudulent Bounce Back Loans totalling £6 million. The NCA said the men were suspected of using their "specialist knowledge" to carry out the fraud. This form of insider fraud was a risk highlighted in the letter sent to Sunak in June 2020.[59] A 2022 Freedom of Information request to the British Business Bank, the state-run body administering the bounce back loan scheme, found that almost one fifth, or 193,000 businesses had failed to meet their repayment terms as at 27 June 2022.[60] The UK government estimated that £4.9 billion of bounce back loans may have been lost to fraud.[61]
In November 2022, a month afterSunak had ascended to the premiership, it was revealed that four billion pounds had been lost to fraud in Sunak's three COVID schemes, with Eat Out to Help Out being revealed as having "a particularly high level of fraud". Arrests were made as part of efforts to clamp down on fraud.[62]
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In response to the COVID-19 pandemic, Sunak and the government decided in March 2020 to rapidly place contracts and recruit a number of individuals. Shortages ofpersonal protective equipment (PPE) were a particular political issue for the government. This led to the awarding of a number of contracts without acompetitive tendering process, and friends of political figures and people who had made political donations, most notablyMichelle Mone, were quickly given contracts. As a result, accusations ofcronyism were made against the government.
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In April 2022, amid thePartygate scandal, Sunak was issued afixed penalty notice by the police who found he had committed offences under COVID-19 regulations by attending a birthday party for Johnson on 19 June 2020. The police also issued 125 fixed penalty notices to 82 other individuals, including Johnson and his wifeCarrie Symonds, who all apologised and paid the penalties.[63] 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.[64] ITV News later reported that some of Sunak's junior aides at the time suggested he should resign in order to challenge Johnson's leadership, but he chose not to.[65]The Telegraph reported that Sunak did plan to resign, but was persuaded not to by newspaper executives.[66] In an interview with BBC Political EditorChris Mason in May 2022, 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.[67]
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As the risingcost of living became an increasingly serious and worrying issue for the country, Sunak intensified the government's efforts to respond to the crisis in May 2022, with a £5 billionwindfall tax on energy companies to help fund a £15 billion 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.[68][69][70][71]
Sunak hosted aG7 summit in London in June 2021.[72] A tax reform agreement was signed, which in principle sought to establish aglobal minimum tax on multinationals and online technology companies.[72] In October 2021, theOECD signed an accord to join the tax reform plan.[73]
Sunak attendedCOP 26 in Glasgow.[74] 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 theParis Agreement.[75] 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 issuegreen bonds in the U.K. to fund renewable energy in developing countries.[75] Second, mobilising private finance, with the Glasgow Financial Alliance for Net Zero bringing together organisations with assets over $130 trillion to be deployed.[75] 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.[75] Also announced was that the UK will become the first ever ‘Net Zero Aligned Financial Centre’.[75]
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 reducegreenhouse gas emissions tonet zero by 2050.[76] 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.[76] The proposal was ultimately rejected by Johnson, who instructed officials that he did not want to increase costs for consumers.[76]
Sunak proposed new laws that would pave the way forstablecoins to be used for everyday payments, despite fears from theBank of England about the financial stability of the technology.[77][78] In April 2022, Sunak ordered theRoyal Mint to create a UK government-backednon-fungible token (NFT) to be issued by summer 2022.[79][80]
Sunak promoted trade talks in pursuit of strongereconomic ties with China.[81][82][83]
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In November 2020, Sunak was reported byThe Guardian to have not declared a significant amount of his wifeAkshata Murty and family's financial interests on the register of ministers' interests, including a combined £1.7 billion shareholding in the Indian companyInfosys.Alistair Graham, former chair of theCommittee on Standards in Public Life stated Sunak should disclose his financial interests and those of his close family due to "the chancellor's capacity to determine the government's financial and business policies. He seems to have taken the most minimalist approach possible to this requirement. Perhaps Rishi Sunak should carefully read the 'Seven principles of Public Life' to make sure he is fulfilling the two principles of 'Honesty and Leadership'."[84] Ministers are required to declare interests that are "relevant" to their responsibilities and "which might be thought to give rise to a conflict" with their public duties.[84] The independent adviser on ministers' interests investigated and concluded that Sunak had not broken any rules.[85][86]
In early 2022, newspapers reported that Murty hadnon-domiciled status, meaning she did not have to paytax on income earned abroad while living in the UK.[87] The status cost approximately £30,000 to secure, and allowed her to avoid paying an estimated £20 million in UK taxes.[87][88] Following media controversy, Murty stated on 8 April that she would pay UK taxes on her global income, adding in a statement that she did not want the issue "to be a distraction for my husband". A Whitehall inquiry was launched into who had leaked the details of her tax status.[89]
Reporting around this time also revealed that Sunak had continued to hold United States'permanent resident (green card) status he had acquired in the 2000s until 2021, including for 18 months after he was made chancellor, which required filing annual US tax returns.[90][91] An investigation into both his wife's tax status and his residency status found that Sunak had not broken any ministerial rules.[92]
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Sunak delivered three budgets during his chancellorship,one in March 2020, and two inMarch andOctober of 2021. He also delivered three mini-budgets, theJuly 2020 summer statement,September 2020 Winter Economy Plan, and March 2022 spring statement. Most of Sunak's budgets focused on economic support to mitigate the impact ofCOVID-19, while his last mini-budget focused on thecost of living.[citation needed]
Sunak'sfirst budget took place on 11 March 2020.[93] This included £30 billion of additional spending, of which £12 billion was allocated for mitigation of the economic effects of theCOVID-19 pandemic, which had begun to spread rapidly throughout the country.[94] 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 ofCOVID-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".[95]
The July 2020 summer statement (also known as the coronavirus mini-budget) was delivered by Sunak on 8 July 2020. The purpose of the statement was to announce measures aimed at helping to promote economic recovery following the impact of the COVID-19 pandemic. The statement was delivered to the House of Commons, where Sunak unveiled a spending package worth £30bn. Concerns were subsequently raised by organisations includingHM Revenue and Customs and theInstitute for Fiscal Studies about the statement's impact, as well as its cost-effectiveness, while at least one major retailer declined to take advantage of a financial bonus scheme intended for rehiring employees placed onfurlough during the pandemic.
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.
In hisMarch 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.[96][97] 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.[98] Sunak was the first Chancellor to raise thecorporation tax rate sinceLabour'sDenis Healey in 1974.[97]
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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.[99] The budget increased in-work support through theUniversal Credit system by increasing the work allowances by £500 a year, and reducing the post-tax deduction taper rate from 63% to 55%.[100][101] £560m of investment was announced for theLevelling Up White Paper.[102] 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".[103]
Sunak made his spring statement on 23 March 2022. He cutfuel 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 aplanned 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 inincome tax in 2024. Sunak also provided some funding to help vulnerable people cope with the rising cost of living.[104]
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On 5 July 2022, Sunak andHealth Secretary Javid resigned almost simultaneously amid a scandal surrounding thesexual harassment allegations againstChris Pincher, which arose after it was revealed that Johnson had promoted Pincher to the position of Deputy Chief Whip despite knowing of the allegations beforehand. Sunak was the second of 61 Conservative MPs to resign duringthe government crisis. In his resignation letter Sunak said:
It is with deep sadness that I am writing to you to resign from the Government. 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. 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.
He was succeeded as chancellor byNadhim Zahawi. Following the resignations of Javid and Sunak, numerous junior ministers and among theParliamentary 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 theBritish 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 his resignation as Conservative leader and prime minister.[citation needed]
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Following his appointment as chancellor, Sunak arrived in public discourse from relative obscurity.[105] 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 theFinancial Times, arguing that "good government often depends on senior ministers – and the Chancellor in particular – being able to fight bad ideas".[106]
In the early stages of the COVID-19 pandemic, he was popular by the standards of British politics, described by one analyst as having "better ratings than any politician since the heydays of Tony Blair".[107] Various polls showed Sunak remained overwhelmingly popular among Conservative supporters and many other Britons throughout 2020.[108][109][110] In anIpsos MORI poll in September 2020, Sunak had the highest satisfaction score of any British chancellor since Labour's Denis Healey in April 1978, and was widely seen as the favourite to become the Conservative leader after Boris Johnson.[111][112] Sunak developed acult media following, with jokes and gossip about his attractiveness widespread on social media and in magazines, gaining the nickname "Dishi Rishi".[113][114][105][115][116]
Public attitudes towards Sunak remained broadly positive in 2021,[117][118][119] though his popularity declined steadily over time.[107] By early 2022, with the cost of living becoming a growing focus of public concern, Sunak's response as chancellor was perceived as inadequate and he received some of his lowest approval ratings, which continued as the Sunak family's financial affairs came under scrutiny.[120][121][122][123][124] By the time he resigned as chancellor in July 2022, Sunak's approval ratings slightly recovered.[125]
The chancellor will deliver another Budget in the Autumn, with measures aimed at preparing the UK economy for post-Brexit trading arrangements with the EU.
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