Source Accounting web
Nadhim Zahawi has been drafted in as the new Chancellor of the Exchequer hours after Rishi Sunak resigned.
Former education secretary Nadhim Zahawi has been given the keys to Number 11 following Rishi Sunak’s shock resignation from his post, which threw Boris Johnson’s political future into jeopardy.
Sunak resigned as Chancellor of the Exchequer, posting his letter of resignation on Twitter, just after 6pm this evening.
He posted an excerpt from his letter which said: “The public rightly expect government to be conducted properly, competently and seriously.
“I recognise this may be my last ministerial job, but I believe these standards are worth fighting for and that is why I am resigning.”
The ex-Chancellor told the Prime Minister: “our approaches are fundamentally too different”, adding, “I am sad to be leaving government but I have reluctantly come to the conclusion that we cannot continue like this.”
Sunak’s resignation makes way for Zahawi to become Boris Johnson’s third Chancellor. Zahawi has held a number of ministerial posts including his recent role as education secretary and prior to that as the vaccines deployment minister.
Zahawi inherits a cost of living crisis and is likely to face pressure from the Prime Minister to cut taxes in order to save his political career.
Sunak’s resignation
Sunak’s resignation followed hot on the heels of health secretary Sajid Javid, who also told the PM he had lost confidence in his leadership.
Sunak, the MP for Richmond in Yorkshire, does have form in following Javid’s footsteps. He took over the position of Chancellor from Javid in 2020, after his shock exit just four weeks before he had been due to deliver his first Budget.
The pair quit soon after Boris Johnson admitted that he should not have appointed MP Chris Pincher as deputy chief whip in February, following a row over the handling of misconduct claims against him.
Sunak’s legacy
Sunak’s exit puts a full stop on a tenure in Number 11 that included the furlough scheme, Covid loans and a non dom scandal involving his wife.
Sunak delivered his first Budget in March 2020, before having to rip it up weeks later when the Covid pandemic forced the government to lock down the country and announce a number of support schemes.