- Nadhim Zahawi, UK chancellor vows to reduce inflation and rule out borrowing for tax cuts.
- Zahawi will also embrace Sunak’s idea for a fundamental revamp of post-Brexit financial regulation.
- New prime minister likely to install their own pick as chancellor on September 5.
The new UK chancellor, Nadhim Zahawi, will vow to reduce inflation and rule out borrowing for tax cuts on Tuesday, indicating that he will continue the fiscal policies of his predecessor, Rishi Sunak.
In his first speech since being appointed, Zahawi will also embrace Sunak’s idea for a fundamental revamp of post-Brexit financial regulation to guarantee that Britain remains “one of the world’s most dynamic financial centres.”
Sunak resigned earlier this month in protest of the leadership style of departing prime minister Boris Johnson and over differences in economic strategy, particularly Johnson’s emphasis on tax cuts.
Zahawi was immediately appointed to replace Sunak, but the new chancellor will emphasise in his Mansion House speech in the City of London that combating inflation remains the government’s top goal.
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