Rishi Sunak became Britain’s third Prime Minister in two months on Tuesday, pledging to lead the country out of an insightful economic crisis and reestablish trust in politics. Sunak reappointed Jeremy Hunt as his finance minister in a move intended to calm markets baulked at his precursor’s debt-fuelled economic tactics.

The former hedge fund boss appeals to unite the country, expecting to name a cabinet drawn from all party wings to end squabbling and abrupt policy deviations that have shocked investors and alarmed international allies. Sunak praised the desire of his predecessor, Liz Truss, to reignite economic growth but admitted mistakes made.

Sunak said difficult conclusions lay ahead as he looks to cut public expenditure. Hunt, who Truss appointed to calm markets agitated by her dash for growth, has been formulating a new budget with borrowing and growth predictions due on Monday and recurrent his warning on Tuesday, “it is going to be tough”. The new Prime Minister also reinstated Dominic Raab to the post of Deputy Prime Minister, a role he misplaced in Truss’s 44 days in office, but reappointed James Cleverly as Foreign Minister and Ben Wallace at Defence.

Penny Mordaunt, who completed her bid to win a leadership tournament against Sunak, also engaged in her position as leader of the House of Commons. This role assembles the Government’s business in the lower house of the Parliament. With his new schedules, Sunak was seen drawing Ministers from all across the Conservative Party while parting others in the post.