London: Britain’s new finance minister was born in Iraq nadim zahavihas inherited a cost of living crisis that risks pushing the UK economy into recession.
The former education minister was parachuted into the Treasury late Tuesday night after the predecessor Rishi Sunak’s shock resignation On the scam culture plaguing the prime minister boris johnson,
Johnson also lost his health minister Sajid Javido,
Xahavi takes charge UK inflation According to the Bank of England (BOE), the level has hit a 40-year peak of 9.1 percent this year due to rising energy and food prices.
“I have to make sure we go through … (this) inflation, which can be a really painful thing,” the 55-year-old told Sky News on Wednesday.
The self-made millionaire co-founded the leading voting company YouGov and was active in local conservative politics in London before becoming MP in 2010.
The BoE warned on Tuesday that the global economic outlook has turned “significantly worse” as prices plunged due to Russia’s invasion of Ukraine.
The central bank has raised British interest rates five times since December to tame inflation.
UK government Meanwhile it has sought to ease the financial pain with a raft of measures, including a modest reduction in fuel tax.
However, critics say the steps needed to help cash-strapped households and businesses are too low.
“You don’t go into this job to lead an easy life,” Zahavi said on Wednesday.
“You make some tough decisions every day. And sometimes it’s easy to walk away but really, very hard to deliver for the country.”
Jahvi denied threats to quit the government if she was not offered the top Treasury job.
“I want to make sure that not only do we rebuild the economy, we have to grow the economy,” said the new Chancellor of the Exchequer.
Zahavi declined to comment to reporters as he left a meeting at 10 Downing Street on Tuesday, including whether he would uphold Sunak’s pleas for fiscal discipline against Johnson’s free-spending tendency .
The benchmark FTSE 100 stock index jumped 1.6 per cent in early London trade on Wednesday and the pound held steady against the dollar.
The FTSE was down nearly three per cent and sterling nearly two per cent against the dollar on Tuesday on rising fears of a global slowdown.
“Political risks do not appear to have a significant impact on UK assets,” said analyst Neil Wilson at Markets.com.
“There’s a lot of big things on our minds right now — inflation, the economy slowing down, the strike.”
Britain is in the midst of nationwide strikes – particularly affecting the transport sector – as rising inflation is pushing wages down.
Teachers and staff of the state-run National Health Service are considering whether to include aviation, legal, postal and railway workers in the walking out.
Xahavi won widespread praise for overseeing the UK’s rollout of pandemic vaccines.
But like Sunak, his personal wealth attracted adverse attention, in which he claimed parliamentary expenses to heat his horse stables in 2013.
Zahavi was born in Baghdad to a Kurdish family who had moved to Britain as a child, speaking no English.
He credits the poems of Philip Larkin for helping him improve his knowledge of the English language before studying chemical engineering at University College London.
Xahavi is the MP for Stratford-upon-Avon, which includes Stratford-upon-Avon, the birthplace of William Shakespeare.
The former education minister was parachuted into the Treasury late Tuesday night after the predecessor Rishi Sunak’s shock resignation On the scam culture plaguing the prime minister boris johnson,
Johnson also lost his health minister Sajid Javido,
Xahavi takes charge UK inflation According to the Bank of England (BOE), the level has hit a 40-year peak of 9.1 percent this year due to rising energy and food prices.
“I have to make sure we go through … (this) inflation, which can be a really painful thing,” the 55-year-old told Sky News on Wednesday.
The self-made millionaire co-founded the leading voting company YouGov and was active in local conservative politics in London before becoming MP in 2010.
The BoE warned on Tuesday that the global economic outlook has turned “significantly worse” as prices plunged due to Russia’s invasion of Ukraine.
The central bank has raised British interest rates five times since December to tame inflation.
UK government Meanwhile it has sought to ease the financial pain with a raft of measures, including a modest reduction in fuel tax.
However, critics say the steps needed to help cash-strapped households and businesses are too low.
“You don’t go into this job to lead an easy life,” Zahavi said on Wednesday.
“You make some tough decisions every day. And sometimes it’s easy to walk away but really, very hard to deliver for the country.”
Jahvi denied threats to quit the government if she was not offered the top Treasury job.
“I want to make sure that not only do we rebuild the economy, we have to grow the economy,” said the new Chancellor of the Exchequer.
Zahavi declined to comment to reporters as he left a meeting at 10 Downing Street on Tuesday, including whether he would uphold Sunak’s pleas for fiscal discipline against Johnson’s free-spending tendency .
The benchmark FTSE 100 stock index jumped 1.6 per cent in early London trade on Wednesday and the pound held steady against the dollar.
The FTSE was down nearly three per cent and sterling nearly two per cent against the dollar on Tuesday on rising fears of a global slowdown.
“Political risks do not appear to have a significant impact on UK assets,” said analyst Neil Wilson at Markets.com.
“There’s a lot of big things on our minds right now — inflation, the economy slowing down, the strike.”
Britain is in the midst of nationwide strikes – particularly affecting the transport sector – as rising inflation is pushing wages down.
Teachers and staff of the state-run National Health Service are considering whether to include aviation, legal, postal and railway workers in the walking out.
Xahavi won widespread praise for overseeing the UK’s rollout of pandemic vaccines.
But like Sunak, his personal wealth attracted adverse attention, in which he claimed parliamentary expenses to heat his horse stables in 2013.
Zahavi was born in Baghdad to a Kurdish family who had moved to Britain as a child, speaking no English.
He credits the poems of Philip Larkin for helping him improve his knowledge of the English language before studying chemical engineering at University College London.
Xahavi is the MP for Stratford-upon-Avon, which includes Stratford-upon-Avon, the birthplace of William Shakespeare.