FT_Weekend_Magazine_-_April_4-5_2020

(Joyce) #1

18 FT.COM/MAGAZINE APRIL 4/ 52020


◀alsoafellowBrexiter,telling colleagues:“My
heart saysGove,myhead saysBoris.”Although
Sunak presentedthis asahardchoice about which
candidate was most likelytoreviveToryfortunes,
he also knew thatJohnson was likelytowin.
Inahigh-profile intervention, Sunak joined
twootherrisingstarsoftheparty–RobertJenrick
and OliverDowden–tobackJohnson on thefront
page of The Times.Sunak’sname appearedfirst
on thearticle, whichwas headlined: “TheTories
areindeepperil. OnlyBorisJohnson can saveus.”
“Bland,keep-your-head-downpeople,”was
howone minister inarival camp describedthe
trio.But it also showedthem tobesupremely
ambitious.Sunak had held meetings withJohnson
beforethe endorsement andTory colleaguessay
the whole affair was “transactional” and it paid
off. AlthoughJohnsoninsistedhewas not hand-
ing out jobs duringthe campaign, all threeof the
rising MPsnowsitat thecabinettable.
Tocement hisrelationshipwith the soon-to-
beprime minister,Sunak quicklyfollowedupby
hostingJohnsonand his partner CarrieSymonds
at his grandYorkshirehome during the leadership
campaign, serving burgers from the barbecue in
thewell-tendedgrounds.People who havespent
time with Sunak and Akshata saythe couple are
“very hospitable, completelydowntoearth”.
Although mostpeople saySunak is unflashy,his
wealth canbeasubtlydeployedpolitical asset: a
few months later at theTreasury,he hostedstaff
at anexpensiveMayfairrestaurantaftercomplet-
ingwork onaspendingreview.

InJuly 20 19 ,Sunak entered the Treasury as
number twotohis friendJavid, whobecame
Johnson’sfirstchancellor.“Wehadareallygood
partnership:professional,good-humoured,
respectful,”recallsJavid. MatsPersson,aformer
Treasuryadviser,saysSunak made an immedi-
ateimpression: “He can movebetweenthe detail
andthe bigpictureinawaywhichfewpoliticians
can. The officialsrate himhighly.He knowsthe
brief andcan lead internal discussions with clar-
ity about what he wants to do.”
Javid quit inFebruary afterJohnson–egged
onbyhis combativechief adviserDominic Cum-
mings–decidedtosack all the chancellor’s
advisers and merge officials fromNo 10 andNo 11
intoasingleeconomic team.Bynowit was obvi-
ous toeveryone–includingJavid–that it was only
amatter of timeuntil Sunakbecamechancellor.

As he preparedto walk outofDowning Street,
Javid urgedJohnson not to chooseasoft touch as
hisreplacement: “I told thePM,‘Youneedsome-
one who is going tobestraight withyouand
capable,’andIsaid that had tobeRishi.”Given
thatJohnson’salliesalreadyreferredto Sunak as
“Boris’sfavourite minister”,the conversation was
probablysuperfluous.
Sunak’simmediate focus was on preparing a
March 11 Budget,which includedspendingpro-
posals toboost the northofEngland anda£12bn
package to help tackle coronavirus.But within
days,asCovid-19 swept the country,ultimately
infectingJohnson, Sunak was forcedtoextend
help to furloughedemployees,the self-employed
and struggling businesses.The billfor the first six
months of the outbreak is likelytoexceed£60bn;
the finalreckoningcouldbemuchhigher.
Coronavirus hasbeenamassivechallenge for
Sunak. “Rishi is feeling theweight of theworld on
his shoulders,”saysone ally.“Heknows thereis
an enormousresponsibility on himandhe’sbeen
working 18hoursadayforweeks now.He’sphys-
icallyand psychologicallyexhausted. But he’s
alwaystheonewhosaystopeople:‘Come on, on
to the next job.’”
It is alsoapolitical opportunity.Foradecade,
Tory chancellors havehad to squeeze public
spending: Sunak,bycontrast,hasbeen praisedin
recentweeks forbehaving likealeftwingLabour
chancellor,doling out cash.JeremyCorbyn,
Labour’soutgoing leader,sayshislargesse showed
the opposition hadbeen“absolutelyright” incall-
ing for higher publicspendingatthe2 019 election.
George Osborne, the chancellor who intro-
ducedaperiodofprolongedausterity in the UK,
saysSunakwillfindit harder whenhehasto start
clawingitback.“I knowRishi andIknowhe’s
morethan up to therole,”Osborne previouslytold
the FT.“He’ssmart,engagingandunfazedbythe
bigresponsibilitieshefaces.He alsoknows what
allchancellorsknow:spendingthemoneyisthe
easiest bitofthejob;raising it is thehardest.”
Officials in the Treasury speakreverentially
about their newboss,with some saying he is the
most capablechancellorsince NigelLawsonmore
than 30yearsago.But the learningcurvehasbeen
incrediblysteep: Sunak has noteven had time to
moveintoNo 11 DowningStreetfromhis south-
westLondonbase. NickMacpherson,permanent
secretary at the Treasury foroveradecade until
2016 ,says:“He’sthesortofchancellortheTreas-

‘Hiseffectonhisassociationwasdramatic.


Theyhadintheirmindsthesortofperson


theywanted,thenthistotallydifferent


personwalkedin.TheydidatotalU-turn’


WilliamHague,formerToryleader

Onawalkaboutin his constituency.
PostedtoFacebookAugust2 019

Making‘abrew’ofYorkshireTea‘fortheBudget
prep team’.Posted to InstagramFebruary

Facing page:arriving atNo10 onFebruary13;
hewassubsequentlyappointed chancellor
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