It’s official. Rishi Sunak is out, and former Training Secretary Nadhim Zahawi is in.
Yep, we now have a new Chancellor of the Exchequer – following Sunak and Well being Secretary Sajid Javid’s concisely-timed resignations on the night of July 5.
Each politicians used their resignation to slam Boris Johnson as Prime Minister and Conservative Celebration chief. In response, Johnson said he will ‘miss’ Sunak and shortly appointed Zahawi.
Zahawi will now be answerable for the general public purse, liable for deciding the Funds annually.
However who’s Zahawi, and what else does his new position entail?
Who’s new Chancellor Nadhim Zahawi?
Nadhim Zahawi is the MP for Stratford-upon-Avon in Warwickshire.
The politician, 55, was born in Baghdad, Iraq to a Kurdish household, and moved to the UK aged 9.
He attended King’s School College in London – later occurring to earn a level in chemical engineering from College School London.
In 1994, Zahawi was elected a Conservative councillor in Putney, London, and remained in that position till 2006 – although in 2000 he additionally co-founded the polling firm YouGov.
In 2005, he grew to become YouGov’s CEO, however his profession modified tack in 2010 – as he grew to become the Tory parliamentary candidate for Stratford-upon-Avon, successful that election to develop into MP.
He has been the city’s MP for 12 years now.
Zahawi grew to become Minister for Covid-19 Vaccine Deployment in November 2020, simply earlier than the preliminary rollout of the jab started.
It was in September 2021 that Zahawi was appointed because the Secretary of State for Training, changing Gavin Williamson in a Cupboard reshuffle – however in July 2022 became Chancellor.
Nevertheless, Zahawi denied reports that he had ‘threatened’ embattled PM Boris Johnson along with his resignation with a view to get the highest job within the Treasury.
He’s married to Lana Zahawi, who reportedly owns a £100 million property empire that Nadhim left in 2018 – together with a Co-op grocery store – and so they share three kids collectively.
What does the Chancellor of the Exchequer do?
The Chancellor of the Exchequer (usually shortened to ‘Chancellor’) is a really senior authorities position.
In a nutshell, the federal government web site describes it as ‘the federal government’s chief monetary minister and as such is liable for elevating income via taxation or borrowing and for controlling public spending.
‘He has general duty for the work of the Treasury.’
The important thing priorities embrace setting the annual Funds, managing tax rises and cuts, setting inflation targets, and main the Treasury’s response to crises akin to the price of dwelling and Covid, one thing we noticed Zahawi’s predecessor Rishi Sunak do loads of.
Along with the Funds, Sunak created the furlough scheme, designed to stave off tens of millions of job losses throughout lockdown – in addition to the ‘Eat Out To Help Out’ scheme.
The Chancellor additionally holds the title Second Lord of the Treasury – a ministerial position – with the First Lord of the Treasury being the Prime Minister.
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