Live News Update: Indebted Celsius Network asks customers to hold their crypto positions

Live News Update: Indebted Celsius Network asks customers to hold their crypto positions

Nadhim Zahawi, the new chancellor, will pledge on Tuesday to reduce inflation and cut borrowing to cut taxes, in a sign that he will continue the fiscal policies of his predecessor Rishi Sunak.

In his first speech since his appointment, Zahawi will also back Sunak’s plan for a radical overhaul of financial regulation after Brexit to ensure Britain remains “one of the most dynamic financial centers in the world”.

Sunak resigned earlier this month in protest at outgoing Prime Minister Boris Johnson’s leadership style and differences on economic policy, particularly Johnson’s insistence on tax cuts.

Zahawi was quickly tapped to replace Sunak, but the new chancellor will insist in his speech at Mansion House in the City of London that tackling inflation remains a key government priority.

“The country needs to be convinced that we can, and will, bring inflation back under control,” he will say.

“This means providing sound public finances to avoid further increases in demand, helping households as they face the worst price rises in more than a generation.”

Zahawi’s tenure as chancellor could be short-lived; a new prime minister will be installed by September 5 and will likely name his own choice as chancellor.

In the interim, Zahawi’s Mansion House speech will indicate that Sunak’s policies will continue, not only in the fight against inflation, but also in revising the City’s regulation.

Read what Zahawi has to say here.



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