September 30, 2022

Britain’s new finance minister outlines his priorities

LONDON, July 6 (Reuters) – Britain’s new finance minister Nadhim Zahawi outlined his priorities for the economy in a series of interviews early on Wednesday, hours after he was appointed to replace Rishi Sunak.

Below are the highlights:

ON ITS PRIORITIES

“I have to rebuild and develop the economy. We have just come out of the equivalent of a world war and we have a war raging in Europe because of the illegal invasion of Ukraine by (Russian President Vladimir ) Putin,” he said. News from heaven.

Join now for FREE unlimited access to Reuters.com

Register

“The important thing is to control inflation, to be fiscally responsible.”

“The first thing we need to do is make sure that we are very careful, whether it is public sector wages, that inflation does not continue to be fueled.

“Today we face a global battle against inflation.”

ON TAX CUTS:

Asked about a planned increase in the corporate tax rate, he said: “Nothing is on the table; I will look at everything. When boards of directors invest, companies invest, they invest for the long term and they compare corporate tax rates,” he told Times Radio. .

“The prime minister wants to make sure we have fiscal discipline. I share that goal with him,” he told the BBC.

“Of course, I will look where can I ensure that the economy remains competitive and dynamic with our European neighbors and the rest of the world as well. Nothing is ruled out.”

ON INFLATION AND DEBT:

“The debt we are providing this year will be 83 billion. Last year it was 20 billion. That is a fourfold increase in debt servicing.”

“Inflation, if it gets out of hand, is deeply, deeply damaging, especially to the most disadvantaged families in the society we are trying to help,” he told LBC Radio.

Join now for FREE unlimited access to Reuters.com

Register

(Reporting by Kate Holton, Muvija M and Farouq Suleiman, Editing by Elizabeth Piper and Bradley Perrett)

Our standards: The Thomson Reuters Trust Principles.