Britain’s new finance minister, Nadhim Zahawi, pledged on Wednesday to rebuild the economy and make it grow, and said he would look at all options for that, including possible tax cuts.
Zahawi, who moved from the Education Ministry to the Treasury on Tuesday after Rishi Sunak resigned in protest against Prime Minister Boris Johnson, said “nothing is off the table”.
But he also faced questions in his first interviews about whether he even had a chance to pull the economy out of its imminent downturn, given Johnson’s weakening power.
Among other government ministers who stepped down on Wednesday were Health Minister Sajid Javid.
The UK economy has lost momentum as inflation approaches double digits and is expected to be weaker than other major industrialized economies over the next year.
Central bank chief economist Huw Pill said he does not expect any economic growth over the next year as households grapple with the highest inflation in 40 years.
In addition to the challenge of rising energy and food costs, the UK is also struggling to adjust to post-Brexit life.
Source: CNN Brasil
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