Full text: Rishi Sunak’s first speech as PM

Good morning. I have just been to Buckingham Palace and accepted His Majesty The King’s invitation to form a government in his name. It is only right to explain why I am standing here as your new Prime Minister.

Right now our country is facing a profound economic crisis. The aftermath of Covid still lingers. Putin’s war in Ukraine has destabilised energy markets and supply chains the world over. 

I want to pay tribute to my predecessor Liz Truss. She was not wrong to want to improve growth in this country. It is a noble aim. And I admired her restlessness to create change. But some mistakes were made. Not borne of ill will or bad intentions. Quite the opposite, in fact. But mistakes nonetheless. And I have been elected as leader of my party, and your Prime Minister, in part, to fix them. And that work begins immediately.

I will place economic stability and confidence at the heart of this government’s agenda.