British PM, Rishi Sunak

Britain’s new Prime Minister, Rishi Sunak, on Tuesday pledged to “fix the mistakes” made by the Truss government and restore the country’s economic stability.

He, however, warned that there would be “difficult decisions to come.” Adding that “right now, our country is facing a profound economic crisis.”

Sunak, in his first address to the nation outside 10 Downing Street, said he officially became the prime minister moments ago after King Charles III met him at Buckingham Palace and invited him to form a government.

Sunak said Liz Truss was not wrong to want to improve growth, which was a “noble aim,” but “mistakes were made.”

Truss’s attempt of using debt-funded tax cuts to spur economic growth plunged the British pound to a 37-year low against the U.S. dollar, while pushing up the cost of government borrowing and mortgage rates.

According to Sunak, he was elected the prime minister to “fix” those mistakes.

“I will place economic stability and confidence at the heart of this government’s agenda. This will mean difficult decisions to come,” he said.

Sunak, 42, inherits an economy on the brink of recession, with an energy crisis, cost-of-living crisis and runaway inflation that defy any easy fix.

The prime minister also said he would deliver on the party’s manifesto, including a stronger National Health Service (NHS), better schools, safer streets, leveling up and building an economy that embraced the opportunities of Brexit.