Fashion outlook: Rishi Sunak appointed UK's new prime minister

Rishi Sunak has been elected as the UK’s new prime minister, after Liz Truss stepped down earlier last week.

Mr Sunak beat rivals Penny Modaunt and Boris Johnson who both withdrew from the race. His popularity has divided the conservative party, with the last two leaders having been ousted in short succession.

Mr Sunak will be the youngest prime minister to ever take office at the age of 42, beating both David Cameron and Tony Blair, who were each 43 at the time of election.

A conservative fiscalist, Mr Sunak laid out different policies to Liz Truss, and favours spending cuts and raising taxes in order to balance the UK’s budget.

A lover of made to measure tailoring, Mr Sunak’s penchant for expensive suits and Prada loafers have made him an unconventional style hero.

UK fashion industry outlook

The government’s Department for Digital, Culture, Media & Sport (DCMS) is the fashion industry’s sponsor department that in part finances activities and supports UK fashion. It is a key department that liaises weekly with the British Fashion Council.

The Department for International Trade is responsible for extending trade agreements between the UK and foreign countries, as well as for encouraging foreign investment and export trade.

There will likely be changes in key government departments that affect the fashion industry, and this will unfold over the coming weeks.