New chancellor Zahawi can only hope to 'steady the ship'

Following Sunak resignation

The best that new chancellor Nadhim Zahawi can hope for is to “help steady the ship until the global economic storm has passed”, as the industry responds to the recent spate of resignations threatening Boris Johnson's premiership.

The quote comes from head of multi-asset at Janus Henderson Investors Paul O'Connor, who joins analysts reacting to the shock resignation of Rishi Sunak last night (5 July) in warning that Zahawi is unlikely to be able to tackle the sharp economic slowdown and continually high inflation that the UK is experiencing. Richard Carter, head of fixed interest research at Quilter Cheviot, said: "Markets are playing close attention to the unfolding drama in British politics although arguably have bigger things on their mind with rising interest rates and the impending threat of recession. "Gi...