Kwasi Kwarteng sacked as UK Chancellor

 British Prime Minister, Liz Truss has fired finance minister Kwasi Kwarteng. The termination of his appointment was announced on October 14,

This comes shortly before she is expected to scrap parts of their economic package in a bid to survive the market and political turmoil gripping the country.

Kwarteng said he had resigned at Truss’s request after rushing back to London overnight from IMF meetings in Washington. Truss, in power for only 37 days, will hold a news conference later on Friday, Downing Street confirmed.

“You have asked me to stand aside as your Chancellor. I have accepted,” said his resignation letter to Truss, which Kwarteng published on Twitter.

Kwarteng is the country’s shortest-serving chancellor since 1970, and his successor will be the fourth finance minister in as many months in Britain, where millions are facing a cost of living crisis. The British finance minister with the shortest tenure died.

Kwarteng had announced a new fiscal policy on Sept. 23, delivering Truss’s vision for vast tax cuts and deregulation to try to shock the economy out of years of stagnant growth.

But the response from markets was so ferocious that the Bank of England had to intervene to prevent pension funds from being caught up in the chaos, as borrowing and mortgage costs surged.

Read the statement below

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