Rishi Sunak said “economic stability and competence” will be at the heart of his government’s agenda.

Britain’s new Prime Minister Rishi Sunak began delivering on his “work would begin immediately” promise less than an hour after meeting King Charles III. A series of members of Liz Truss’ team of ministers have been asked to step down ahead of the announcement of her new cabinet. Two crucial appointments were made in the evening – Dominic Raab as Deputy Prime Minister and Jeremy Hunt as Finance Minister.

So far, four ministers have been asked to step down. They include Business Secretary Jacob Rees-Mogg, Justice Secretary Brandon Lewis, Works and Pensions Secretary Chloe Smith and Development Minister Vicky Ford, sources said.

Dominic Raab — — who was Deputy Prime Minister to former Prime Minister Boris Johnson — will also hold the portfolio of Justice Secretary.

Jeremy Hunt – who replaced Kwasi Kwarteng – will remain finance minister, the prime minister’s official Twitter account tweeted.

In his first speech as Prime Minister, Mr Sunak promised to put “economic stability and competence” at the heart of his government’s agenda. “Trust is earned and I will earn yours,” he said, describing his election as a measure to correct the “mistakes” of his predecessors.

His government, Mr Sunak also said, will deliver on the promise of a stronger NHS (national health system), schools, safer streets, support for the armed forces, leveling and job creation. He will have “integrity, professionalism and accountability at all levels”, he said.

The UK is currently facing a huge economic slump which is rapidly progressing towards recession. Critics have accused the Conservative Party of failing to address the situation.

Last week, Mr Sunak’s predecessor, Liz Truss, resigned after her mini-budget – which included a significant chunk of unfunded tax cuts – spooked markets. The U-turn operated by Jeremy Hunt, whom she appointed after the sacking of Kwasi Kwarteng, could not reverse the economic tumult.

Bond yields had soared and the pound had crashed to an all-time low on fears of spiraling debt. Mr Sunak’s takeover had stabilized the situation to some degree, but Mr Hunt had warned of “tough decisions” in the days ahead.

In his speech today, Mr. Sunak echoed that sentiment. But he said it would be tempered with “compassion.”

“You saw me during Covid doing everything I could to protect people and businesses with schemes like furlough. There are always limits, more than ever. But I promise you, I will bring the same compassion to the challenges we face today,” he said.