'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

UK election high on clients' radars as impact on finances is flagged

UK election high on clients' radars as impact on finances is flagged

Majority of advisers have been asked by clients about the financial impact

Isabel Baxter
clock 13 June 2024 • 1 min read
Inflation and financial planning — focusing on the bigger picture

Inflation and financial planning — focusing on the bigger picture

Well-informed advisers can better guide their clients through turbulent times

Adam Leci
clock 07 June 2024 • 5 min read
More than half of IFAs feel negative about a potential Labour govt

More than half of IFAs feel negative about a potential Labour govt

Advisers favour Conservatives when it comes to their clients and business

Isabel Baxter
clock 09 May 2024 • 2 min read