Skip to content
Search

Latest Stories

The important thing is to get inflation under control: Britain's new finance minister Nadhim Zahawi sets out his priorities

Nadhim Zahawi said he believed Prime Minister Boris Johnson was totally honest.

The important thing is to get inflation under control: Britain's new finance minister Nadhim Zahawi sets out his priorities

Britain's new finance minister, Nadhim Zahawi, set out his priorities for the economy in a series of interviews early on Wednesday, hours after he was appointed to replace Rishi Sunak.
Below are the highlights:

ON HIS PRIORITIES
"I've got to rebuild and grow the economy. We've just come out of the equivalent of a world war and we've got war raging in Europe because of (Russian President Vladimir) Putin's illegal invasion of Ukraine," he told Sky News.

"The important thing is to get inflation under control, be fiscally responsible".

"The first thing we've got to do is make sure that we are really careful about, whether it's public sector pay, that inflation doesn't continue to be fuelled."

"Today, we are facing a global battle with inflation."

ON TAX CUTS:
Asked about a planned corporation tax rate increase, he said: "Nothing's off the table; I will look at everything. When boards invest, companies invest, they invest for the long term and they do compare corporation tax rates," he told Times Radio.

"The Prime Minister wants to make sure that we have fiscal discipline. I share that focus with him," he told the BBC.

"Of course I will be looking at where else can I make sure the economy remains competitive and dynamic with our European neighbours and the rest of the world as well. Nothing is off the table."

ON INFLATION AND DEBT:
"The debt we're servicing this year will be at 83 billion. Last year, it was at 20 billion. So a four times increase in debt servicing."

"Inflation if allowed to get out of control is deeply, deeply damaging, especially for the most disadvantaged families in the society that we're trying to help," he told LBC Radio.

(Reuters)

More For You

New Survey Uncovers Bias Facing South Asians in UK Music Scene
New South Asian Soundcheck survey aims to tackle music industry bias in UK
getty images

UK music industry ‘failing’ South Asian artists, says new report

UK music industry continue to face systemic barriers that hin­der progress, visibility, and ca­reer growth – despite decades of contribution and cultural influ­ence, a new report has revealed.

The study, South Asian Sound­check, published last Tuesday (7), surveyed 349 artists and profes­sionals and found that while many are skilled and ambitious, struc­tural obstacles are still holding them back.

Keep ReadingShow less