海角视频

Business and economic leaders have set out a series of priorities for the new Chancellor Nadhim Zahawi.

On his to-do list must be support for the poorest workers, fuel duty relief with some expected an emergency budget before the summer recess.

Zahawi's appointment comes after Rishi Sunak stepped down from the role on Tuesday, in the aftermath of the row surrounding the Prime Minister鈥檚 former deputy chief whip Chris Pincher.

Mr Sunak鈥檚 resignation letter, which did not mention Pincher, said that he could not agree an economic strategy with Boris Johnson because their stances are 鈥渇undamentally too different鈥�.

Paul Drechsler, former head of the CBI and current chairman of London First and the International Chamber of Commerce, called on the new Chancellor to improve confidence by addressing the cost-of-living crisis head on.

鈥淚 think the most important thing to do is to give confidence in the 海角视频 as a country,鈥� he told the BBC.

鈥淲e have a decline in investment, decline in exports, economic growth falling off, inflation rising, poverty escalating.

鈥淚 would say the most important thing to do is feed people that are hungry. That is a burning platform at the moment.鈥�

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, agreed.

She said: 鈥淭hose on the lowest incomes will be hit much harder by the cost-of-living crisis than those on the highest wages, and will see far more damage done to their overall financial resilience.

鈥淭his owes much to the fact they have far less wiggle room in their budgets, so they鈥檙e struggling to cope with rises in the cost of essentials.

鈥淲ith less to fall back on, they鈥檙e more likely to wipe out any lockdown savings and turn to borrowing.

鈥淚t means that where the Government offers support, it may need to be targeted towards those with the greatest needs.鈥�

On Wednesday, Mr Zahawi hinted that the planned corporation tax hike could be halted and said 鈥渆verything is on the table鈥� when asked about potentially cutting taxes.

Numerous experts have suggested the Prime Minister is likely to move for tax reductions soon in the hope it will win round party support.

Nimesh Shah, chief executive at Blick Rothenberg, said: 鈥淚 expect Boris Johnson and his new Chancellor Nadhim Zahawi to call an emergency Budget before the summer recess to make a series of tax announcements.

鈥淩ishi Sunak had already confirmed a 1% cut to the basic rate of income tax to 19% in April 2024.

鈥淚 believe the new Chancellor Nadhim Zahawi will bring forward the cut to April 2023 and increase it to 2%.鈥�

However, JP Morgan鈥檚 Allan Monks raised concerns over further tax-cutting measures, saying: 鈥淲e have been sceptical about the prospect for a broad-based tax cut in the near term.

鈥淚n addition to potentially adding to inflation concerns, Johnson would need to act very quickly to deliver this.鈥�

Tim Culpin, Transport Partner at Chester and Wirral-based law firm Aaron & Partners, said he wants Zahawi to improve on Sunak's promised 5p-per-litre cut to fuel duty in his Spring statement.

He said: "Businesses and people are asking 鈥榳here did that 5p go?鈥� because it鈥檚 certainly not being felt at the pumps.

"Instead, prices have hit a new record high, with people paying around 拢2 a litre for petrol for the first time ever. That means to fill a 55-litre family car with petrol, it now costs more than 拢100 鈥� up from around 拢70 a year ago. To fill a 90-litre commercial van with petrol, that cost will now be rising to above 拢170.

"It鈥檚 now incumbent upon him to prioritise helping out working families and businesses.

"He must consider another more significant fuel duty cut before it鈥檚 too late and as top priority in his new role - and certainly before the Autumn Budget."