Mr. Zahawi was appointed chancellor earlier this month following the resignation of Rishi Sunak. ‘Inflation will be brought back under control by the government’, Nadhim Zahawi is expected to say in his first speech as chancellor.
The government will deliver “sound public finances” to help achieve that, Mr. Zahawi will say.
In his speech, Mr. Zahawi will also set out aims for a post-Brexit shake-up of financial services regulation. This will include changing regulations so that UK insurers have more flexibility to invest in long-term assets like infrastructure. In a speech to be delivered in his Mansion House on Tuesday, Mr. Zahawi will say that despite the short-term uncertainty he will focus on providing stability, reassurance, and continuity.
Regarding financial services, Mr. Zahawi is expected to say that Brexit will allow opportunities for the financial services industry. He will commit to repealing hundreds of pieces of retained EU law and replacing them with a coherent and agile approach to financial regulation that is right for us. Bank of England governor Andrew Bailey will also address the same City audience, and they will be keen to hear from both men, amid fears about a rapidly slowing economy, about exactly how inflation will be brought back under control.
