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Reuters
Reuters
Business

Nadhim Zahawi appointed UK finance minister

British new Finance Minister Nadhim Zahawi leaves 10 Downing Street, in London, Britain, July 5, 2022. REUTERS/Henry Nicholls

British Prime Minister Boris Johnson appointed Nadhim Zahawi as finance minister on Tuesday, replacing Rishi Sunak who earlier quit in protest at Johnson's leadership.

Zahawi, 55, inherits an economy that is likely heading for a sharp slowdown or even a recession, and will face immediate pressure to do more to help struggling households and to lower taxes which are on course to hit their highest level in decades.

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