Inflation, recession fears and tax cuts: any new UK chancellor faces an unenviable in-tray

The flood of ministerial resignations from UK prime minister Boris Johnson’s government in recent days started with Rishi Sunak’s resignation as UK chancellor of the exchequer on July 5 2022, alongside health secretary Sajid Javid’s. His resignation letter cited differences of opinion over the economy, saying that a “low-tax, high-growth economy and world-class public services” could only be “responsibly delivered if we are prepared to work hard, make sacrifices and take difficult decisions”.