Rishi Sunak

Britain's new finance minister Nadhim Zahawi takes the reins of an economy struggling under the strain of nearly double-digit inflation and a slowdown that looks set to be more severe than in most of the world's other big nations.

Rishi Sunak quit as chancellor of the exchequer and Sajid Javid as health secretary, with both saying they could no longer tolerate the culture of scandal that has stalked Johnson for months.

British Prime Minister Boris Johnson will face questions in parliament followed by a grilling by senior lawmakers on Wednesday, with his premiership on the brink after a slew of resignations from ministers saying he was not fit to govern.

British finance minister Rishi Sunak has toughened his language towards Bank of England Governor Andrew Bailey, a reflection of the political pressure piling on them both as inflation surges towards double digits.

A political storm erupted after it was leaked that Sunak's wealthy Indian wife has benefited from "non-domicile" tax status in the UK

Opponents have urged the prime minister to resign over the issue.

While opinion polls suggest overall public backing for the stay-at-home policy, concerns are mounting about the impact on the economy and on mental health.

In combatting the renewed outbreak, Johnson has been accused by some of his own lawmakers of governing by diktat.

Commentators argue that a combination of taxation, inflation, spending cuts, and even economic growth could help balance the books for Sunak.

Finance minister Rishi Sunak is due to deliver his spending plans at 1130 GMT, having already flagged £3 billion of green investment.

The nation's second-quarter contraction is meanwhile expected to be far steeper than the first.

Britain's nationwide lockdown was imposed on March 23, to halt the spread of the pandemic, but a new survey paints a devastating picture of the impact.

The OBR warned that the impact of the pandemic could initially be a bigger shock to the UK economy than the 2008 financial crisis and even the world wars.

Newspapers urged Britons to keep their leader in their minds, with a lockdown to try to stem the spread of COVID-19 now in its third week.

Rishi Sunak said the measures were equivalent to 15 percent of GDP and were available to "any business that needs access to cash."

Finance minister Rishi Sunak will present the budget in parliament around 1230 GMT.

In Britain, Sajid Javid's resignation sent London's benchmark FTSE 100 index down.