Newly appointed Chancellor Nadhim Zahawi has confirmed that taxes will go up. 

Speaking to BBC Radio 4's Today programme on the issues, the Chancellor said: "Yes, but, at the same time, we’ve had £407 billion input to help the economy and people’s livelihoods and life to get through the pandemic.

“We’ve just come out of the equivalent of a world war. We have to rebuild the economy and return to growth – that is what your listeners will want me to focus on."

Adding that: “It’s my first day in the job … and I need to be able to just make sure I go back, review everything; nothing is off the table.

“I’ll come back on your programme and happily talk about where I think we can do more on taxes.

“We are determined to do that, as was my predecessor – he was determined to do that on personal taxation, and of course on other taxes as well.”

Zahawi went on to say warn that the next year could be "really hard" for the economy. 

Saying: "’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.”

It comes after the shock resignation of former Chancellor Rishi Sunak who severed in the role during the pandemic.

Who wrote on Twitter: "“I recognise this may be my last ministerial job, but I believe these standards are worth fighting for and that is why I am resigning.”