Nadhim Zahawi promises to tackle inflation and deliver tax cuts for UK


Paul Carey
  • English
  • Arabic

The UK’s new Chancellor of the Exchequer, Nadhim Zahawi, promised to deliver tax cuts and tackle rising inflation as he gets to grips with his new role in control of the nation's economy.

Mr Zahawi, who was appointed by Boris Johnson after Rishi Sunak resigned on Tuesday evening, said in his first interview: “You don’t go into this job for an easy life.”

Mr Johnson is grappling with his own MPs to remain as prime minister, and turned to Iraq-born Mr Zahawi to shore up his Cabinet.

There had been suggestions Mr Zahawi had also threatened to resign if he did not get the key job, but he denied this on Sky News. When asked if he would stand for leader if the job became available, he sidestepped the question, saying there was no vacancy.

“I didn’t threaten to resign,” he insisted. “This is a team game. You play for the team and deliver for the nation.”. He pointed to his success as vaccines minister and progress running education.

He defended Mr Johnson’s integrity, saying he was right to apologise for appointing Chris Pincher, the MP accused of sexual assault who has brought the latest sleaze scandal to Downing Street.

“We make decisions at warp speed and don’t get them all right,” said Mr Zahawi.

_______________________________

Boris Johnson's controversial career - in pictures

_______________________________

He said that he would explore all the evidence to help get the economy back on track after “the equivalent” of a world war owing to the coronavirus pandemic, but his priority would be to bring down inflation that is running at 9.1 per cent and expected to hit double digits by the end of the year. He also said tax cuts would be on the table for families struggling to pay their bills in the current cost-of-living crisis.

The biggest tax cut in a decade comes into force today, £330 for 30 million people owing to a change in National Insurance adopted by his predecessor.

However, he did not offer much hope for hard-pressed workers hoping for significant pay rises, saying the government must be careful about public sector pay “so inflation is not fuelled, causing even deeper problems”.

He said he would stick by his pledge to teachers to give a 9 per cent rise to new starters.

From refugee to the UK government

Born in Iraq to a Kurdish family, Mr Zahawi arrived in the UK at the age of 9, when his parents fled the regime of Saddam Hussein.

He has described the difficulty he had adapting as he grew up in London, especially his struggles with the English language and bullies at school.

The young Nadhim spent much of his time playing football, studying maths and science, and horse riding.

It was not until he began studying chemical engineering at University College London that he developed an interest in politics and became actively involved with the Conservative Party.

Nick Donaldson / The National
Nick Donaldson / The National

“They just looked reasonable and actually they were very pleasant and talked about things like opportunity and freedom — stuff that resonated with me,” he says of his fellow conservative students.

“I just thought, ‘those are my values’.”

He has often said his own past deeply influenced his view of Britain and he recently spoke of the debt he owed poet Philip Larkin as he improved his English as a teenager.

After working in junior ministerial roles in the education and business departments, Mr Zahawi was appointed minister in charge of the Covid-19 vaccine campaign in 2020.

In 2021, Mr Johnson promoted him to the Cabinet to run education policy.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Hydrogen: Market potential

Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.

"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.

Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.

The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Asia Cup 2018 Qualifier

Sunday's results:

  • UAE beat Malaysia by eight wickets
  • Nepal beat Singapore by four wickets
  • Oman v Hong Kong, no result

Tuesday fixtures:

  • Malaysia v Singapore
  • UAE v Oman
  • Nepal v Hong Kong
Updated: July 06, 2022, 2:34 PM`