Jacob Rees-Mogg resigns as Rishi Sunak becomes Prime Minister

Mr Rees-Mogg had served as Business Secretary under former Prime Minister Liz Truss but has resigned his position.

Under Ms Truss’ predecessor Boris Johnson, Mr Rees-Mogg served as leader of the House of Commons and Minister of State for Brexit Opportunities.

A source close to the MP said: “He knows he was very close to the previous two regimes, and it didn’t seem likely he was going to be appointed in the new Cabinet.

“He’s happy to support the Prime Minister from the backbenches.”

The MP for North East Somerset had initially backed Boris Johnson in the Tory leadership race following Ms Truss’ resignation, before the former Prime Minister backed out of the race, leaving Mr Sunak to win without a vote.

In his first speech since becoming Prime Minister on Tuesday, Mr Sunak said he was determined to “fix the mistakes” made by his predecessor Liz Truss.

Speaking on the steps of Downing Street, the new Prime Minister said the country is facing a “profound economic crisis”.

Mr Sunak said Ms Truss was “not wrong” to want to deliver economic growth but that mistakes had been made in doing so.

Mr Sunak said: “I want to pay tribute to my predecessor, Liz Truss.

“She was not wrong to want to improve growth in this country – it is a noble aim.

“I admired her restlessness to create change – but some mistakes were made.

“Not born of ill-will or bad intention – quite the opposite in fact, but mistakes nonetheless. And I have been elected as leader of my party and your Prime Minister in part to fix them.

“And that work begins immediately. I will place economic stability and confidence at the heart of this Government’s agenda.

“This will mean difficult decisions to come.

“But you saw me during Covid doing everything I could to protect people and businesses with schemes like furlough.

“There are always limits, more so now than ever. But I promise you this – I will bring that same compassion to the challenges we face today.”