Nadhim Zahawi has become the latest Conservative MP to announce he will resign at the next election.
With the party expected to suffer heavy losses in the general election, the former chancellor said the time was right for “a new and energetic conservative” to take power.
The Stratford-on-Avon MP becomes the 64th Conservative to announce his resignation at the end of this term, with the country expected to go to the polls in October or November. Zahawi, who is set to serve as chancellor in 2022, faced a tough re-election bid as polls suggested he was on course to lose the seat, which has only elected Conservatives since 1950.
In a statement posted on X/Twitter, Zahawi said: “Every morning, as I shave my head in front of the mirror, I have to pinch myself. How is it possible that a boy from Baghdad who came to these shores fleeing persecution and not knowing a word of English could have done as much as I have?”
The MP said he felt immensely privileged to have served in a number of government roles, including as Education Secretary, Chancellor and Chancellor of the Duchy of Lancaster, during which time he coordinated Queen Elizabeth II’s funeral.
But, quoting William Shakespeare, Mr Zahawi said: “As my most famous constituent once wrote: ‘Go into your bosom; knock there and ask your heart what it knows.’
“I have come to the conclusion that the time has come for a new, energetic Conservative to fight for the honour of representing Stratford-on-Avon and take up the mantle of MP for Shakespeare. I will of course serve my constituents with dedication and determination until then.”
Mr Zahawi was sacked while serving as chairman of the Conservative Party after an ethics inquiry into the handling of his tax affairs found a “serious breach” of the Ministerial Code. This followed an investigation into his financial affairs that was first revealed by The Independent in 2022.
The paper revealed in July that HMRC officials were examining the senior Conservative figure’s tax affairs after the National Crime Agency (NCA) launched an investigation in 2020.
He later agreed to pay a seven-figure sum to HM Revenue and Customs (HMRC) to settle a tax dispute.
In his resignation letter, Mr Zahawi said: “My mistakes have been my own and my successes have been the result of working with and leading amazing people.”
The 56-year-old was born in Iraq and came to the UK as a child when his Kurdish family fled Saddam Hussein’s regime, before becoming MP for Stratford-upon-Avon in 2010.
Mr Zahawi made his fortune from online polling firm YouGov and was also chief executive of Gulf Keystone Petroleum until 2018.
Other high-profile Conservatives who quit at the election include former Prime Minister Theresa May, former Defence Secretary Ben Wallace and former Health Secretary Matt Hancock, who now sits as an independent.
The Lib Dems have said Tory MPs from the so-called blue wall of safe Conservative seats are quitting en masse to avoid a general election surprise. After Zahawi’s announcement, a Lib Dem source said: “Blue wall Conservative MPs are quitting because they are concerned about the threat posed by the Lib Dems.
“We have taken control of the council from Zahawi so it is not surprising that he is stepping down.
“It is clear that the Liberal Democrats are best placed to defeat the Conservatives in Stratford-on-Avon.”
