New UK finance minister Zahawi eyes growth drive

STORY: The UK has a new finance minister, at very short notice.

Nadhim Zahawi took the job on Tuesday (July 5) evening.

That after Rishi Sunak stepped down, saying he could no longer support the policies or standards of Prime Minister Boris Johnson.

On Wednesday (July 6) morning Zahawi took to TV to set out his plans.

“I will look at everything, nothing is off the table. The prime minister wants to make sure that we, you know, we have fiscal discipline -- I share that focus with him because if we let inflation get out of control it is deeply damaging.”

Zahawi takes over amid signs that the UK economy faces a slowdown.

Inflation is heading for double digits, with food and fuel costs soaring.

The country is also struggling to adjust to life after Brexit.

Now Zahawi has vowed to drive growth, and hinted he could rethink Sunak’s plan to tax business more:

“One of the taxes that can compare globally is corporation tax and I want to take a very careful look at all the measures that I can bring to bear, to bear down on inflation but also return to that dynamic economy that delivers growth.”

Zahawi says fighting inflation must be the priority for now, though price rises could be fuelled by any move to cut taxes.

He’s also pledged to fix public finances after his predecessor spent hundreds of billions cushioning the impact of the global health crisis.

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