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New UK finance minister Zahawi says the government needs to boost the economy

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Britain’s new finance minister, Nadhim Zahawi, said on Wednesday the government must rebuild and let the country’s struggling economy grow and that he will examine all options to do so, including the possibility of tax cuts.

I’ll look at everything, nothing is off the table,” he told Sky News when asked if he wanted to cut taxes.

The UK economy is showing signs of slowing as inflation hits double digits and is forecast to be weaker than other major developed economies over the next year.

Zahawi, who moved from the education ministry to the finance ministry on Tuesday following Rishi Sunak’s resignation, said 2023 will be tough and he will focus on household living costs.

He also hinted that he might reconsider Sunak’s plan to increase corporate taxes next year.

“Of course I will look where else I can ensure that the economy remains competitive and dynamic compared to our European neighbors and the rest of the world. Nothing is off the table,” he told the BBC.

But Zahawi also stressed the need for “fiscal discipline,” saying the government must be cautious about increases in public sector salaries that could push up inflation.

“The most important thing is to get inflation under control and be fiscally responsible,” he told Sky News.

He also said it was important to remember the increase in debt service costs.

Zahawi was appointed after Sunak quit the job in protest at Johnson’s “standards” and citing differences with the prime minister over economic policy.

https://www.independent.ie/business/world/new-uk-finance-minister-zahawi-says-government-needs-to-grow-economy-41817609.html New UK finance minister Zahawi says the government needs to boost the economy

Fry Electronics Team

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