“I want to be one of the most competitive countries in the world for investment,” Zahawi commented, arguing that corporation tax was the “one tax [investors] can compare globally.”

“I want to make sure we’re as competitive as we can be while maintaining fiscal discipline,”  he added. 

The new Chancellor also said his priority would be rebuilding and growing the UK economy as the country grapples with record-high inflation and the looming threat of recession. The UK is currently facing the worst cost-of-living crisis in decades. 

Despite reshuffling his cabinet, Prime Minister Boris Johnson is still facing significant doubts over his future as the country’s leader.

This latest Number 10 scandal emerged as it was confirmed on Tuesday that the Prime Minister had been previously informed about an investigation into the inappropriate conduct of MP Chris Pincher, who he appointed as deputy chief whip.