In a moment of political significance, Rishi Sunak delivered his final speech as Prime Minister of the United Kingdom, following the Conservative Party’s historic defeat in the 2024 General Election. This address marks the end of a tumultuous period in British politics and sets the stage for a new era under Labour leadership.
In a heartfelt speech delivered outside 10 Downing Street, Sunak acknowledged the voters’ clear desire for change and expressed his sorrow over the election outcome. “To the country, I would like to say first and foremost, I am sorry,” he said.
“I have given this job my all, but you have sent a clear signal that the government of the United Kingdom must change. And yours is the only judgment that matters.”
Acknowledging Voters’ Sentiment
Sunak recognized the anger and disappointment of the electorate and took full responsibility for the party’s loss.
He also expressed deep regret for the hard-working Conservative candidates and campaigners who were unable to secure victory. The Conservative Party is expected to win just over 121 seats, marking its worst result in history.
Transition of Power
Sunak extended congratulations to Labour leader Keir Starmer, describing him as “a decent, public-spirited man.” This gesture of political civility is noteworthy in an era often characterized by partisan rancor.
“In this job, his successes will be all our successes, and I wish him and his family well,” Sunak said. As of 11 am, Labour had secured more than 410 seats, achieving a landslide victory. Sunak emphasized the need for the Conservative Party to rebuild and effectively take up its role in opposition.
Reflecting on Achievements
Despite the loss, Sunak highlighted his administration’s achievements, including reducing inflation to the Bank of England’s target of 2%, lowering mortgage rates, and enhancing the UK’s international standing.
He cited support for Ukraine and the Windsor Framework on post-Brexit trade as significant accomplishments. “I’m proud of those achievements. I believe this country is safer, stronger, and more secure than it was 20 months ago,” he said.
Personal Reflections and Gratitude
Reflecting on his tenure as the UK’s first British Asian Prime Minister, Sunak shared a personal note about the inclusivity of Britain.
“One of the most remarkable things about Britain is just how unremarkable it is that two generations after my grandparents came here with little, I could become Prime Minister,” he remarked. He thanked his family for their support and sacrifices, concluding his speech with gratitude to the British people for their trust.
Rebuilding and Opposition Role
Emphasizing the importance of a robust opposition, Sunak called for the Conservative Party to rebuild and “take up its crucial role in opposition professionally and effectively.” This statement acknowledges the party’s new position and the challenges it faces in regaining public trust.
Leadership Contest on the Horizon
Following Sunak’s resignation, the Conservative Party faces a challenging leadership contest. Senior figures such as Kemi Badenoch, Tom Tugendhat, and Robert Jenrick are expected to vie for the leadership position.
However, the party has seen a significant loss of key members, including 12 cabinet ministers and numerous junior ministers, highlighting the scale of the defeat.
Survival of Key Figures
Despite the widespread losses, some senior Conservative figures managed to hold their seats. Outgoing Chancellor Jeremy Hunt narrowly retained his position, while Tory Chair Richard Holden survived by a mere 20 votes. These figures are likely to play crucial roles in the party’s efforts to rebuild.
Industry Implications and Looking Ahead
As the UK prepares for a Labour government, businesses and investors will be closely watching for signals of policy shifts. Key areas of focus may include:
- Potential changes in fiscal and monetary policy
- Labour market regulations and union relations
- Energy and environmental policies
- Brexit-related trade negotiations and international relations
The End of an Era
Sunak’s farewell speech marks the conclusion of 14 years of Conservative governance in the UK. As the country prepares for a significant political transition, the coming weeks will be crucial in shaping the economic and policy landscape under Labour leadership.
The gracious tone of Sunak’s address, coupled with his emphasis on British values of “kindness, decency, and tolerance,” provides a thoughtful coda to his tenure and sets a constructive tone for the political transition ahead.
As Sunak steps down, he leaves behind a legacy marked by both achievements and challenges. His resignation marks the end of a tumultuous period for the Conservative Party, which now must focus on regrouping and preparing for its role in opposition.
