New PM Rishi Sunak prepares for first day with a hellish in-tray and £40bn budget blackhole

Rishi Sunak is preparing for his first day as Prime Minister with a hellish in-tray that includes soaring inflation, rising energy bills and a £40billion blackhole as he decides on a new cabinet – with Penny Mordaunt possibly in line for a top role.

The new Prime Minister, 42, is due to travel to the palace meet King Charles tomorrow morning before making his first address to the nation outside Downing Street at around 11.35am.

But he must now also choose a Cabinet to tackle a plethora of issues facing the UK, having earlier vowed to run No10 with ‘integrity and humility’ before warning of the ‘profound challenges’ to come.

Mr Sunak faces a £40bn black hole in the public finances amid speculation he could delay the Halloween Budget, while his new Cabinet must also deal with skyrocketing energy bills and soaring inflation that has left families struggling amid a cost-of-living crisis.

On his first day in No 10, the new Tory leader will be told about the current Chancellor’s plans…

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