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New UK finance chief Zahawi inherits economic crisis

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LONDON: Britain's new finance minister, Iraqi-born Nadhim Zahawi, has inherited a cost-of-living crisis that risks pushing the UK economy into recession. The former education minister was parachuted i

"You make some tough decisions every day. And sometimes it's easy to walk away but actually, it's much tougher to deliver for the country.""I want to make sure that not only do we rebuild the economy, we've got to grow the economy," added the new chancellor of the exchequer.

The FTSE had tumbled almost three percent and sterling slumped nearly two percent against the dollar Tuesday on growing fears of a global recession. Britain is in the midst of nationwide strikes - affecting in particular the transport sector - as wages are eroded by the rocketing inflation.

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