The UK’s new Chancellor of the Exchequer, Nadhim Zahawi, promised to deliver tax cuts and tackle rising inflation as he gets to grips with his new role in control of the nation's economy.
Mr Zahawi, who was appointed by Boris Johnson after Rishi Sunak resigned on Tuesday evening, said in his first interview: “You don’t go into this job for an easy life.”
Mr Johnson is grappling with his own MPs to remain as prime minister, and turned to Iraq-born Mr Zahawi to shore up his Cabinet.
There had been suggestions Mr Zahawi had also threatened to resign if he did not get the key job, but he denied this on Sky News. When asked if he would stand for leader if the job became available, he sidestepped the question, saying there was no vacancy.
“I didn’t threaten to resign,” he insisted. “This is a team game. You play for the team and deliver for the nation.”. He pointed to his success as vaccines minister and progress running education.
He defended Mr Johnson’s integrity, saying he was right to apologise for appointing Chris Pincher, the MP accused of sexual assault who has brought the latest sleaze scandal to Downing Street.
“We make decisions at warp speed and don’t get them all right,” said Mr Zahawi.
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Boris Johnson's controversial career - in pictures
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He said that he would explore all the evidence to help get the economy back on track after “the equivalent” of a world war owing to the coronavirus pandemic, but his priority would be to bring down inflation that is running at 9.1 per cent and expected to hit double digits by the end of the year. He also said tax cuts would be on the table for families struggling to pay their bills in the current cost-of-living crisis.
The biggest tax cut in a decade comes into force today, £330 for 30 million people owing to a change in National Insurance adopted by his predecessor.
However, he did not offer much hope for hard-pressed workers hoping for significant pay rises, saying the government must be careful about public sector pay “so inflation is not fuelled, causing even deeper problems”.
He said he would stick by his pledge to teachers to give a 9 per cent rise to new starters.
From refugee to the UK government
Born in Iraq to a Kurdish family, Mr Zahawi arrived in the UK at the age of 9, when his parents fled the regime of Saddam Hussein.
He has described the difficulty he had adapting as he grew up in London, especially his struggles with the English language and bullies at school.
The young Nadhim spent much of his time playing football, studying maths and science, and horse riding.
It was not until he began studying chemical engineering at University College London that he developed an interest in politics and became actively involved with the Conservative Party.
“They just looked reasonable and actually they were very pleasant and talked about things like opportunity and freedom — stuff that resonated with me,” he says of his fellow conservative students.
“I just thought, ‘those are my values’.”
He has often said his own past deeply influenced his view of Britain and he recently spoke of the debt he owed poet Philip Larkin as he improved his English as a teenager.
After working in junior ministerial roles in the education and business departments, Mr Zahawi was appointed minister in charge of the Covid-19 vaccine campaign in 2020.
In 2021, Mr Johnson promoted him to the Cabinet to run education policy.
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
UAE Tour 2020
Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km
Stage 4: Zabeel Park - Dubai City Walk, 173km
Stage 5: Al Ain - Jebel Hafeet, 162km
Stage 6: Al Ruwais - Al Mirfa, 158km
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km
SPECS
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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WISH
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Chris%20Buck%2C%20Fawn%20Veerasunthorn%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Ariana%20DeBose%2C%20Chris%20Pine%2C%20Alan%20Tudyk%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape