Kwasi Kwarteng has been sacked as chancellor and replaced by Jeremy Hunt after his mini-budget resulted in financial turbulence and a revolt from Tory MPs, according to the BBC.
He has become Britain’s second shortest-serving chancellor, lasting just 38 days in the role.
At a hastily arranged news conference, Truss said she was acting to “reassure the markets of our fiscal discipline” by keeping a planned increase in corporation tax that she previously said she would cut. Truss also fired Kwasi Kwarteng as Treasury chief, replacing him with former Cabinet minister Jeremy Hunt.
Truss is trying to restore order after three weeks of turmoil sparked by the government’s tax-cutting “mini budget.” The Sept. 23 statement sent the pound plunging to record lows against the dollar and led the Bank of England to step in to prevent a wider economic crisis.Truss had been under intense pressure to scrap some of the 43 billion pounds ($48 billion) in unfunded tax cuts that roiled financial markets and led the Bank of England to step in to prevent a wider economic crisis.
The new chancellor, Jeremy Hunt is a government veteran who has served as former foreign secretary and health secretary.
The day before his ejection from Number 11 Downing Street, Mr Kwarteng said “our position hasn’t changed” – and that he would “absolutely” still be in his job a month later.
Image Source: BBC News