LONDON, July 6 — Britain’s new finance minister Nadhim Zahawi takes the reins of an economy struggling under the strain of nearly double-digit inflation and a slowdown that looks set to be more severe than in most of the world’s other big nations.
A stand-off over trade rules for Northern Ireland could yet lead to increased barriers for British exports to the bloc. Inflation hit a 40-year high of 9.1 per cent in May and the Bank of England has forecast it will top 11 per cent in October. But with growth likely to slow to a standstill next year, there have been calls by Conservative Party lawmakers for a cut to value-added tax in the autumn — a move that would potentially cost tens of billions of pounds.