Rishi Sunak has made his first speech as prime minister, saying he was chosen to take over to “fix” the mistakes made by Liz Truss.
Speaking outside Number 10, the former chancellor praised his predecessor’s “restlessness” and her “noble aim” to improve economic growth in the UK.
But, he added: “Some mistakes were made, not born of ill will or bad intensions – quite the opposite in fact – but mistakes none the less.”
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After walking up Downing Street with no supporters present and with a serious face, Mr Sunak reiterated his comments from yesterday, saying the country was “facing a profound economic crisis” and there were “difficult decisions” to come.
But he pledged to approach the problems with “compassion” and “to place economic stability and confidence at the heart of this government’s agenda”.
The new PM added: “The government I lead will not leave the next generation, your children and grandchildren, with a debt to settle that we were too weak to pay ourselves.”
Mr Sunak made his political comeback on Monday, being appointed as the new Conservative Party leader unopposed after former prime minister Boris Johnson decided not to run and Commons leader Penny Mordaunt dropped out at the last minute.
Winning the leadership also meant he won the keys to Number 10, and earlier today he was asked by the King at Buckingham Palace to form a government before officially taking power.
Mr Sunak replaces Ms Truss, who had seen him off during the summer-long leadership contest to take over from Mr Johnson, but became the UK’s shortest ruling prime minister after the disaster of her tax slashing mini-budget.
Earlier, after holding a cabinet meeting for the final time, Ms Truss had an audience with the King to formally offer her resignation.
In her final speech as PM, she wished Mr Sunak “every success” adding: “I know brighter days lie ahead.”
In a speech that lasted just under six minutes, Mr Sunak praised another of his predecessors, Mr Johnson, for “his warmth and generosity of spirit”.
But he said the manifesto the Tory Party was elected on in 2019 was “not the sole property of any one individual” and he would “deliver on its promise”.
The PM pointed to pledges on the NHS, education, controlling immigration and protecting the environment, as well as giving his commitment to Ukraine, saying it was a “terrible war that must be seen successfully to its conclusions”.
However, one of his main messages was that his government would have “integrity, professionalism and accountability” as he attempted to win back the trust of the public after recent weeks.
“Trust is earned,” he said. “And I will earn yours.”
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Mr Sunak said he was “not daunted” by the task, adding: “When the opportunity to serve comes along, you cannot question the moment, only your willingness.
“So I stand here before you ready to lead our country into the future, to put your needs above politics, to reach out and build a government that represents the very best traditions of my party.
“Together we can achieve incredible things. We will create a future worthy of the sacrifices so many have made
and fill tomorrow, and everyday thereafter with hope.”