Wall Street

New UK finance minister Zahawi inherits faltering economy, soaring inflation

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Reuters UK

By William Schomberg LONDON (Reuters) – Britain’s new finance minister Nadhim Zahawi takes the reins of an economy struggling under the strain of nearly double-digit inflation and a slowdown that looks set to be more severe than in most of the world’s other big nations. Like his predecessor Rishi Sunak, Zahawi will face pressure to spend more and cut taxes from lawmakers in Prime Minister Boris Johnson’s Conservative Party who have been stung by a slump in the party’s popularity. The former education minister – who co-founded opinion polling firm YouGov before entering parliament – will also b…

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