Is Rishi Sunak set for a comeback due to declining British economy?
The Bank of England said it will "not hesitate" to raise interest rates after the pound reached historic lows in 40 years.
As the UK's economy continues to struggle, more and more Britons are calling for the return of former Conservative Party leader Rishi Sunak, who lost the election to Liz Truss earlier this month.
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Former British Chancellor Sunak, who is of Indian descent, strongly advised against the majority of the policies implemented by incoming Prime Minister Liz Truss.
The arguments have gone viral on social media, with many users pleading for Rishi Sunak to return in the form of shared videos. Sunak is heard on one of these videos calling Liz Truss's ideas for inflation "a fairy tale."
"Trussonomics," or the measures implemented by Liz Truss, have alarmed global markets and caused the British pound to fall in value relative to the US dollar.
Many people believe that Rishi Sunak's predictions made during their arguments with Liz Truss were spot on. In light of the rising cost of living, Sunak had stressed once again the need of the government taking a measured approach to tax reduction and promises of financial aid to the most disadvantaged.
The announcement of the largest tax cuts in the UK in half a century, to be paid for by new government borrowing, has been met with strong opposition from the financial markets.
After the pound reached historic lows on Monday due to UK inflation being at its highest in 40 years, the Bank of England indicated it will "not hesitate" to raise already high interest rates.