New UK finance minister Zahawi inherits economic crisis

Britain's new finance minister, Iraqi-born Nadhim Zahawi, has inherited a cost-of-living crisis that risks pushing the UK economy into recession.Zahawi takes charge with UK inflation at a 40-year peak of 9.1 percent, a level set to hit double figures this year on soaring energy and food prices according to the Bank of England .

The BoE on Tuesday warned that the global economic outlook had "deteriorated markedly" owing to runaway prices fuelled by Russia's invasion of Ukraine. However, critics said the moves fall well short of what is needed to help cash-strapped households and businesses."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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