UK Finance Minister , Kwasi Kwarteng Is Fired.
CNBC reports that after less than six weeks
of being the British finance minister,
Kwarteng has been asked to step down.
The economic environment has changed rapidly since we set out the Growth Plan on
23 September. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication, Kwasi Kwarteng, via resignation letter.
It is important now as we move forward to emphasize your government’s commitment to fiscal discipline. The Medium-Term Fiscal Plan
is crucial to this end, and I look forward to supporting you and my successor to achieve
that from the backbenches, Kwasi Kwarteng, via resignation letter.
Last month, Kwarteng introduced a
controversial "mini-budget" that included
a large amount of unfunded tax cuts.
But the plan backfired
and caused significant
market turbulence. .
Truss has decided to reverse course.
We recognize because of current market issues we have to deliver the mission in a different way. And that’s what we are absolutely committed to do, U.K. Prime Minister Liz Truss, via CNN.
I am determined to deliver on what
I set out when I campaigned to be party leader. We need to have a high-growth economy but we have to recognize that we are facing very difficult issues as a country, U.K. Prime Minister Liz Truss, via CNN.
Truss has appointed Jeremy Hunt as the new Chancellor,
whom she says is “one of the most experienced and widely respected government ministers and parliamentarians.”.
Truss has appointed Jeremy Hunt as the new Chancellor,
whom she says is “one of the most experienced and widely respected government ministers and parliamentarians.”.
Critics say Truss' actions may
not be enough to save her job.
Changing the Chancellor doesn’t undo the damage that’s been done. We don’t just need a change in Chancellor, we need a change in government. This is a Tory crisis, made in Downing Street. , Rachel Reeves, Shadow Chancellor, via CNN