Changes at HM Treasury

Posted on 11th July 2022 by Streets General


Image to represent Changes at HM Treasury

Last week saw the resignation of the previous Chancellor Rishi Sunak from the Government. The previous Chancellor said he could no longer continue in his role in good conscience. 

The Prime Minister almost immediately sought to fill this role and appointed Nadhim Zahawi as Chancellor of the Exchequer. However, the Prime Ministers move to shore up his support, in the face of mass resignations, was short lived and within 2 days Boris Johnson had announced his intention to resign as Prime Minister. 

As things stand, it seems likely that a new Prime Minister will be appointed by September with Boris Johnson remaining in his role until then. The new Chancellor also appears to be remaining in his role, but it is unlikely there will be any far-reaching changes to UK taxes until a new Prime Minister is in place. 

There was also another new appointment to the ministerial team at the Treasury with Alan Mak appointed Exchequer Secretary on 7 July 2022. 

The new Prime Minister and his or her Chancellor will want to stamp their authority on legislation when in post in which case it is possible that we will have an early Autumn Budget that may see major fiscal changes. 


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


How to Stop Future Payments on Your Debit or Credit Card

Stopping future payments from being made on your debit or credit card is crucial for avoiding unwanted charges and managing your finances effectively. Here’s how you can do it: The first step is to contact the company taking the payments. Request


Cut in interest rates

The Bank of England’s Monetary Policy Committee (MPC) met on 5 February and in a 7-2 vote decided to reduce interest rates by 25 basis points to 4.5%. The two remaining members voted to reduce the rate further to 4.25%. This was the third interest


Understanding the UK’s Bank Deposit Guarantee Scheme

The UK government offers a robust safety net for savers through the Financial Services Compensation Scheme (FSCS). This scheme is designed to protect individuals, small businesses, and charities if a bank, building society, or credit union fails,

You might also be interested in...