It’s a baptism of fire for new Chancellor Nadhim Zahawi, who was fried on his plans for Britain’s economy on his first day on the job.
Mr Zahawi, who was appointed following Rishi Sunak’s dramatic resignation last night, said: “I will look into everything. There is nothing on the table.”
He hinted at corporate tax cuts saying: “I want to make sure we are as competitive as possible while maintaining fiscal discipline.”
But the new chancellor said his main priority was to “rebuild and grow the economy” as soaring inflation and the threat of a recession put growing pressure on British households.
5 things to start your day
1) Scooter couriers face their latest delivery amid a green push Safety and environmental concerns call into question the survival of delivery scooters in a post-pandemic world.
2) Threat of UK gas supply strike averted after Norwegian intervention The government acted last night to prevent strikes that would have endangered Britain’s gas supply.
3) Jeremy Warner: We must not follow China into an endless lockdown nightmare
4) German drugmaker accused of stealing Covid vaccine technology CureVac claims BioNTech has taken over the mRNA technology behind Britain’s Covid booster.
5) Heathrow faces more summer travel chaos as staff back July strike The Union has warned of ‘drastic delays’ as refueling personnel return to three days of walkout.
What happened overnight
Hong Kong shares fell in early trading today, with the Shanghai Composite Index losing 0.4%.
The Shenzhen Composite Index on China’s second largest stock exchange fell 0.3pc and the Hang Seng Index slid 0.4pc.
Shares in Tokyo opened lower, with the benchmark Nikkei 225 losing 0.8pc.
Company : Redde North Gate (annual results); Bellevue Healthcare Trust (temporary workers); Ten Entertainments, Robert Walters (business update)
Economy: Composite PMI, Services PMI (US); retail sales, economic growth forecasts (EU); Construction PMI (UK)