The United Kingdom will have a new Prime Minister for the third time in less than two months

 Rishi Sunset will take over for Liz Truss, becoming the first Prime Minister of color and first from a nonchristian background in British history. A lot of first involved with this pick. The former Finance Minister is tasked with navigating the UK through high inflation and also a fractured Conservative Party. Economic cycles can be measured in years, sometimes decades, and yet Prime Ministerships can be a matter of weeks. How can the next one and those policies be going to be changed a pretty gloomy big picture economically there in the UK?

Good afternoon. And I just like to reassure you that we normally don't change Prime Ministers three times in seven weeks, which is what's just happened. I think the new Prime Minister will probably be appointed tomorrow by King Charles or at least invited former government by King Charles. He'll be focusing mostly on sort of calming down the market turmoil that was instigated three weeks ago by this surprise package of big tax cuts at a time when inflation was rising. So I think even though there are a whole bunch of different challenges that are facing the UK right now, that will probably be his top priority.

Paul, one of the things that he has mentioned about Liz trust's, governance or policies, calling her economic policies something out of a fantasy, out of a fairy tale, what is Rishi Sunak expected to do differently? How are his policies, or what, you know, from what he believes in the past, expected to change the economy in the UK right now?

I think you'll stress the need to, as the Conservative Party here puts it, live within their means. What Liz Truss was doing was pretty unorthodox by Conservative standards. She was planning to borrow a lot of money in order to cut taxes and a lot of those tax cuts were going to benefit quite rich people. Mr. Sinc is probably going to go in the opposite direction. He's going to try and cut borrowing. He may have to do that by cutting spending, which of course, would hurt people who are already facing a pretty difficult winter with high energy costs.

Paul, you mentioned that the UK is usually a little more stable than three Prime Ministers in seven weeks. But if you pull back just a little bit, I think it's the 6th Prime Minister in six years or seven years, or it's fifth in six years. The turnover seems to be increasing. Something's going on there. I don't know if it's about the ideas or about the connection that each Minister has with the British people. Soonak comes in with tremendous wealth at a time of tremendous suffering. How does he win the public over?

That's a very good question, and it's going to be a really big challenge. He doesn't necessarily have a very sort of common touch, so to speak. He hasn't really had to kind of reach out and make that connection in the past. So it is an open question about his political abilities. People are generally pretty impressed with him. On a technical level, he seems to understand what he's talking about when he talks about policies, but he can come across as a little bit wooden, a little bit stilted, and a little bit anxious in public, in contrast to at least one of his predecessors who was pretty relaxed and did make that kind of connection. So, yeah, there's kind of designing the right policy and then there's getting people to buy into it and build confidence. And that maybe is going to be the hardest thing for him in the next two years.