UK finance minister Zahawi enters race to succeed Johnson as PM

He plans to rebuild and grow struggling economy


By Reuters

Published: Sat 9 Jul 2022, 9:57 PM

Newly appointed British finance minister Nadhim Zahawi is running to replace Boris Johnson as prime minister, the Evening Standard newspaper reported on Saturday.

"My aim is a simple one: to provide the opportunities that were afforded to my generation, to all Britons, whoever you are and wherever you come from. To steady the ship and to stabilise the economy," it quoted Zahawi as saying.

He earlier pledged to rebuild and grow the struggling economy and said he would look at all policy options, including possible tax cuts.

Zahawi, who took over the Treasury on Tuesday after the resignation of Rishi Sunak in protest against embattled Prime Minister Boris Johnson.

But the former education minister also faced questions about whether he would even have a chance to steer the economy out of its slowdown, given Johnson's weakening grip on power.

Britain's economy has lost momentum as inflation heads for double-digits and, and growth is forecast to be weaker than other big industrialised economies next year.

Bank of England chief economist Huw Pill said he did not expect any economic growth over the next year or so, as households faced the highest inflation in 40 years.

Britain is also struggling to adjust to life after Brexit.

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