New UK chancellor Nadhim Zahawi to review corporation tax rises

The new chancellor Nadhim Zahawi poses for a photograph outside the HM Treasury in Westminster, London. Photograph: Stefan Rousseau/PA

Nadhim Zahawi, the new chancellor of the exchequer, has called for a review of the UK’s corporate tax policy in a clear hint that a rise from 19p to 25p due next year could be reduced or scrapped.

Zahawi, who took up the post on Tuesday evening after Rishi Sunak’s resignation, said he wanted to examine the planned increases in corporation tax to make sure British companies remain competitive.