On Friday, United Kingdom Prime Minister Liz Truss fired Kwasi Kwarteng as finance minister, following a public revolt among Members of Parliament (MPs) over his economic plan, which reportedly caused economic chaos in the country.
According to Sky News, Kwarteng, who was appointed chancellor by Truss 38 days ago, has contributed to his own demise following the mini-budget he presented on September 23rd, in which he announced £45 billion in unfunded tax cuts.
Kwarteng stated in part in his resignation letter to Truss: “You have asked me to stand aside as your chancellor. I have accepted…in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices.”
He added, “It has been an honour to serve as your first chancellor. Your success is this country’s success and I wish you well.”
Kwasi Kwarteng
Meanwhile, as part of her plan to revive the British economy, the Prime Minister has appointed former health and foreign secretary Jeremy Hunt to replace Kwarteng.
Jeremy Hunt
In a speech today, Truss stated “I’ve appointed Jeremy Hunt as the finance minister. He’s one of the most experienced and widely respected government ministers and parliamentarians and he shares my convictions and ambitions for our country.”
The government is expected to reverse a £18 billion corporation tax cut – Kwarteng had planned to cancel a proposed increase from 19% to 25% next April.
