New Chancellor takes aim at rising costs

Newly-appointed Chancellor of the exchequer Nadhim Zahawihas said he aims to tackle rising tax bills as soon as next week.

Mr Zahawai took over the role after Rishi Sunak's resignation this week (5 July) and has been quick to announce plans to deal with the economic crisis.

The new Chancellor has said his primary goal is to "rebuild the economy."

Talking to Sky News on Wednesday (6 July), Mr Zahawi said:

"The important thing is to get inflation under control, and be fiscally responsible.

The first thing we've got to do is make sure that we are really careful about, whether it's public sector pay, is that inflation doesn't continue to be fuelled.
His statement follows the rising rates of inflation which hit 9.1% in June, the highest recorded level in 40 years.

The Chancellor has mentioned that he will review the corporation tax rise of 19p to 25p, either reducing or scrapping it altogether.

"I will look at everything. There's nothing off the table. I want to be one of the most competitive countries in the world for investment," Mr Zahawai said.

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