New UK finance minister Zahawi inherits faltering economy, soaring inflation

📆 06/07/2022 05:05:00
📰 Reuters

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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.

Like his predecessor Rishi Sunak, Zahawi will face pressure to spend more and cut taxes from lawmakers in Prime Minister Boris Johnson's Conservative Party who have been stung by a slump in the party's popularity.

Since then, the value of sterling has fallen further and it hit a two-year low against the U.S. dollar on Tuesday, which will add to inflation pressures building in Britain. Most economists think that in the short term it will avoid the technical definition of a recession - two consecutive quarters of contraction - thanks in part to the latest emergency cost-of-living support measures announced by Sunak in May.

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Says the Global news channel whose own inflation is soaring at 8.7%… lols.

Boris Johnson runs a country with an extreme hateful foreign policy..

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Nadhim Zahawi appointed UK finance ministerBritish Prime Minister Boris Johnson appointed Nadhim Zahawi as finance minister on Tuesday, replacing Rishi Sunak who earlier quit in protest at Johnson's leadership. A new low
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