CHANCELLOR Nadhim Zahawi has insisted that “nothing is off the table” including cutting corporation tax as he attempts to kickstart the economy.

Mr Zahawi was named Chancellor by Boris Johnson last night following the shock resignation of Rishi Sunak.

Mr Sunak and UK Health Secretary Sajid Javid quit minutes after the Pime Minister was forced into a humiliating apology over his handling of the Christ Pincher affair.

Mr Johnson changed his story after his spokesperson initially said he had forgotten he was made aware of allegations against Mr Pincher as far back as 2019 before promoting him.

Mr Zahawi has suggested he was “determined to do more” to cut taxes ahead of an upcoming increase in corporation tax.

He has also insisted that his priority was to “rebuild and grow the economy” amdi soaring levels of infaltion and the threat of a recession.

Asked about potentially cutting corporation tax on Sky News, he said: “I will look at everything – there is nothing off the table.

“I want to be one of the most competitive countries in the world for investment. “Boards around the world, who are making investment decisions long-terms – the one tax they can compare globally is corporation tax.

“I want to make sure that we are as competitive as we can be whilst maintaining fiscal discipline - working with the Bank of England to make sure that monetary policy is right for this country.”

He also pointed to his priority of “bringing inflation under control”.

Mr Zahawi added: “It will abate. My task is to make sure it happens as quickly as possible and to be on the side of the people who area really hard-pressed.“

The Chancellor insisted he will be “evidence-led” in his new role and denied he had been appointed to the post because he believes tax cuts are needed to grow the economy.

He told BBC Radio 4’s Today programme: “No, I’ve been appointed because I will be evidence-led and my focus is to rebuild the economy and then return to growth.

“That’s the important thing for this Chancellor, and I’m determined to deliver it, and I will happily come back on your programme.

“It’s my first day in the job, I want to get a really good handle.”

But Mr Zahawi has admitted that next year will be “really hard” for the economy.

He said that his “task is to rebuild the economy and return to growth”.

Mr Zahawi added: “We’ve had good growth this year – second highest growth in the G7. And then, of course, good growth is forecast for 2024.

“But ’23 is going to be really hard for us. I described that in my earlier remarks. But of course I will continue to share that evidence. I want to make sure we bear down on inflation.”

Labour’s shadow chancellor, Rachel Reeves, said it would be a “bit rich” if the Conservatives had a change of heart towards tax cuts.

She told BBC Radio 4’s Today programme: “They’ve increased taxes 15 times in two years.

“Nadhim Zahawi, as a Conservative MP and minister, has voted for every single one of those 15 Tory tax rises.

“He could stand up for what he believes in, he could have resigned … none of them do. We had a couple yesterday, but the rest cling on.

“Nadhim Zahawi has taken a promotion under a Government and under a Prime Minister that is sinking.

“They’re so desperate to cling on to power at any costs that they will defend the indefensible.”