Read: the new Chancellor’s interview with the BBC

This is an edited transcript of the interview with the new chancellor Nadhim Zahawi on the Today programme this morning.

Nick Robinson: You faced a choice yesterday, and I’d like you to explain it to our listeners. Why was it in the country’s interests as against yours, for you to stay in the cabinet and not to follow Rishi Sunak and Sajid Javid?

Nadhim Zahawi: Because we are facing a global battle against inflation. Inflation is raging here in the United Kingdom, in Germany, in Canada and the United States. We have war on our continent that very few people anticipated. And I think many, many people listening to this programme today are struggling with their weekly shop and with their utility bills. Today’s the first and the biggest personal tax cut in a decade, which I think is an important message to the country.

NR: I’m asking you why you didn’t resign. Do you not agree with your predecessor, Rishi Sunak, who said the public rightly expect the government to be conducted properly, competently and seriously? Do you not agree with the former health secretary, Sajid Javid, who says people rightly expect integrity from their government?

NZ: Last night the Prime Minister went on television and apologised and explained that with the benefit of hindsight, he shouldn’t have appointed Chris Pincher to the role of deputy chief whip.