'House of cards': Advisers question new Chancellor's prospects

Zahawi replaces Sunak

Ayesha Venkataraman
clock • 4 min read

Advisers were largely unsure of economic impact of Nadhim Zahawi’s appointment to the role of Chancellor of the Exchequer, given the evolving nature of the situation, but many questioned how long he would survive should Boris Johnson be ousted from Number 10.

Zahawi, the former education secretary, takes over from Rishi Sunak after his shock exit from government last night over the PM's handling of the Chris Pincher affair. Pincher is facing allegations of sexual misconduct while working as deputy chief whip. Earlier today, the City minister and economic secretary to the Treasury, John Glen also resigned from PM Boris Johnson's government citing "a complete lack of confidence" in his leadership.  The BBC reports Zahawi has previously expressed traditionally "conservative views on the economy - including the need to keep the budget balanced...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England meets expectations with 25 basis point rate cut to 4.75%

Bank of England meets expectations with 25 basis point rate cut to 4.75%

'Continued progress' on disinflation

Valeria Martinez
clock 07 November 2024 • 2 min read
'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read