Rishi Sunak: What to expect from budget with Victoria Scholar
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Rishi Sunak, Chancellor of the exchequer, recently appeared alongside his colleagues at the Conservative Party conference, but will soon make an appearance in Parliament driving his own agenda. Mr Sunak is due to deliver the autumn budget next week on Wednesday when he will reveal how he intends to take the country beyond the pandemic. Many of the potential incoming policies have already received significant attention, but the public is now awaiting official confirmation from the UK’s richest MP.
Mr Sunak’s speech comes at a time the Government is under intense pressure due to living standards – with rising prices in the food and energy sectors.
A cut to Universal Credit has also prompted calls for concern.
Mr Sunak praised the UK’s economic recovery but cautioned the “job is not done yet” during his conference address.
He said: “At the start of this crisis I made a promise to do whatever it takes, and I’m ready to double down on that promise now as we come out of this crisis.”
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How much is Rishi Sunak worth?
Although millions of people in the UK are currently struggling financially, Rishi Sunak is not one of them.
The MP for Richmond has previously topped MP rich lists thanks to his affluent previous career as a banker.
Mr Sunak, 40, attained an MBA from Stanford University and took up a position as an investment banker with Goldman Sachs between 2001 and 2004.
After dipping his toes in hedge fund management, he worked with firm Theleme Partners from 2010.
According to Politics Home, the firm had an initial fund of $700 million (£501 million).
He also worked as a director for Catamaran Ventures, a firm owned by his father-in-law Nagavara Ramarao Narayana Murthy.
Mr Murthy praised his son-in-law as he won in 2015.
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He said in a statement to Business Standard: “I am very happy that Rishi has won convincingly in Richmond-Yorks with such a majority.
“He and Akshata (his wife) worked very hard, beat the pavement and communicated his merit, integrity and his vision for his constituency.”
As an MP, Mr Sunak’s base salary is £79,468, excluding his Chancellor’s salary of £71,090.
But The Sun estimates he is worth more than ten times these salaries combined.
The publication alleged he has a total net worth of £200 million.
Much of this income is allegedly from an impressive property portfolio he holds with his wife.
She is equally wealthy thanks to her own investments, spiking the Sunak household balance.
Akshata Murthy has shares in her father’s firm Infosys worth £430 million.
Ms Murthy once worked in finance as well and runs a fashion label named Ashkata designs.
According to the Daily Mirror, she also has a 4.5 percent stake in Digme Fitness Limited.
An investigation from The Guardian found his wife’s family did not declare a “multimillion-pound portfolio of shareholdings and directorships” required by the ministerial code.
According to a Government source, Helen MacNamara, former head of the Government’s propriety and ethics team, said she was satisfied with what Mr Sunak and his wife had presented.
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