28 October 2022 - Sunak inspires confidence in City of London bankers

The UK has its first Prime Minister of South Asian descent and its first Hindu Prime Minister. But perhaps most critically for the economy, it has a Prime Minister with a background in investment banking. His experience means he can speak to City of London bankers in a language they understand and hopefully promote confidence in his policies. The contrast with the previous Prime Minister and Chancellor of the Exchequer could not be starker. The performance of Sterling this week was an obvious sign that Sunak had restored the City’s confidence. Another think tank that has lost credibility during the mayhem of the past eight weeks or so is the Institute of Economic Affairs, which originally planted the seed of trickle-down economics in her mind. When Sunak spoke of mistakes being made by the earlier administration, he stopped short of naming and shaming the institute, who he used to use as a sounding board.