Rishi Sunak Becomes U.K. Prime Minister Amid Growing Economic and Political Crisis

Rishi Sunak, a former hedge-fund manager and U.K. Treasury chief, formally became Britain’s prime minister on Tuesday after he was appointed by King Charles III, vowing to steer the U.K. through a period of growing political and economic troubles.

In his first speech as prime minister, Mr. Sunak warned of a “profound economic crisis” facing the country, which is suffering from stagflation and has been plunged recently into deeper political uncertainty with three different prime ministers in seven weeks.

Britain’s first Hindu leader pledged to repair the damage caused by his predecessor Liz Truss’s...