The newly-elected prime minister of Britain, Boris Johnson after taking his office on Wednesday announced Sajid Javid Britain’s first ethnic minority finance minister. The 49-year-old Sajid Javid is the son of Pakistani Muslim immigrant parents. Javed started his career early in finance becoming a vice president at U.S Chase Manhattan Bank at the age of 25.
Javid is a great admirer of former prime minister Margaret Thatcher and also has a portrait of the “Iron Lady” in his office. He also suggested for a big increase in public investment infrastructure projects, a policy more associated with the Labour opposition than his Conservative Party.
While being asked by a Conservative what being a party member meant to him, Javid said, “Conservatism is how I got to where I am.”
“It provides two essential things in life: a strong foundation of values and society and a springboard of freedom and opportunities,” he added. He may have to find a way to relax austerity with the economy which is facing a slowdown. Some investors are worried about Britain’s large balance of payments deficit.
Iain Anderson, the executive chairman of Cicero said, “Javid will be a great choice as chancellor.” He further stated that “He cares about business and wants to incentivise it.” Javid has proposed to create a 100 billion-pound ($125 billion) National Infrastructure Fund to take advantage of ultra-low borrowing costs and invest in projects that again will balance the economy.
Talking on the condition of anonymity, a veteran Conservative and Brexit supporter said, “He’s not got star quality. He’s the kind of bloke you’d want to hire as your accountant.”
“He’s nerdy, a bit like Hammond, which isn’t a compliment,” he said of the outgoing finance minister Philip Hammond.
Javid said that “I’m optimistic and determined about what we can do, together, as a party to break through the barriers that people say can’t be broken, to heal the divisions that people say can’t be healed, and to make post-Brexit Britain the success that so many naysayers insist it can never be.”