UK Finance Minister Nadhim Zahawi to outline his plans to control inflation

Despite concerns that London is over-deregulatory, the new UK Finance Minister Nadhim Zahawi on Tuesday (July 19), will lay out his strategies to reduce inflation and ‘seize the opportunities of Brexit.’ In the midst of a turbulent political climate in Britain, Zahawi, who took over as Chancellor of the Exchequer after resignation of Rishi Sunak earlier this month, will outline his vision in his first speech in the position at London’s Mansion House. Zahawi when addressing the business representatives in London will attempt to pull all of that aside by vowing to ‘manage inflation’, enhance the private sector economy, and will offer a post-Brexit vision for financial services, AFP reported.

The ministry in a statement stated that the minister will commit to, “repeal hundreds of pieces of retained EU law and replacing them with a coherent and agile approach to financial regulation that is right for us."

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However, Zahawi shares the same philosophy as his predecessor Rishi Sunak, who ran against Johnson for the position and promised a new ‘Big Bang’ in the finance industry following the deregulation of the 1980s.

Prime Minister Boris Johnson resigned as a result of Sunak and other senior officials leaving, and now a tense struggle is taking place to choose the next leader.

The country had an inflation surge in May to a 40-year high of 9.1 per cent; this year, it is expected to double. A parliamentary report cautioned against “any inappropriate weakening of the UK's strong regulatory standards", which could "reduce the financial resilience of the UK's financial system and undermine international confidence in that system,” AFP reported.

(With inputs from agencies)

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