On Wednesday, Britain’s new finance minister, Nadhim Zahawi, committed to repair and strengthen the country’s faltering economy, saying he would consider all alternatives, including prospective tax cuts.
Zahawi, who moved from the education ministry to the Treasury on Tuesday after Rishi Sunak’s resignation in protest of struggling Prime Minister Boris Johnson, said that “nothing is off the table”
But, given Johnson’s weakening grasp on power, he faced concerns in his first media appearances about whether he would even have a chance to guide the economy out of its impending recession.
Other government ministers who resigned on Wednesday included health minister Sajid Javid and junior finance minister John Glen, who was in charge of the City of London.
Britain’s economy has slowed as inflation approaches double digits, and it is expected to be weaker than other major industrialised nations next year.
Huw Pill, chief economist at the Bank of England, predicted minimal economic growth for the next year or two as people faced the greatest inflation in 40 years. more info
In addition to the difficulty of rising energy and food prices, Britain is having to adapt to life after Brexit.