On Wednesday, Britain’s new finance minister, Nadhim Zahawi, vowed to revive and expand the faltering economy and said he would consider all alternatives, including the prospect of tax cuts, to do so.
Following Rishi Sunak’s resignation on Tuesday, Zahawi transferred from the ministry of education to the Treasury and declared that ‘nothing is off the table.’
In addition, given Prime Minister Boris Johnson’s waning hold on power, he was questioned in his initial media appearances as to whether he would even have an opportunity to shepherd the economy out of its impending slowdown.
As inflation climbs into double digits, Britain’s economy is clearly slowing down, and next year it is expected to be weaker than other major industrialised nations.
In addition to dealing with the problem of rising energy and food prices, Britain is also having trouble adjusting to life after Brexit.
Zahawi said 2023 was shaping up to be ‘really hard’ and that he would concentrate on the cost-of-living squeeze that households are currently experiencing. Zahawi is widely credited in the Conservative Party for successfully managing Britain’s COVID-19 vaccine rollout.
Post Your Comments