British Prime Minister, Liz Truss, on Friday, sacked Kwasi Kwarteng as Chancellor of the Exchequer barely about 38 days into office.
According to various media reports, Truss fired the Finance Minister in person after rushing back from international talks in Washington.
The sacking to the Kwarteng comes amid UK’s struggles in dealing with the fallout from Kwarteng’s mini-budget, which Truss supported. The move caused financial turmoil, including a sharp jump in interest rates.
The country already struggling with skyrocketing energy expenses as well as a cost-of-living crisis that affects both individuals and businesses.
Kwarteng was due to conclude annual meetings of the International Monetary Fund and World Bank in Washington this weekend, after earning a rebuke from IMF chief Kristalina Georgieva on the need for coherent and consistent policies.
A Treasury spokesman confirmed Kwarteng had cut short the trip to continue work on his medium-term fiscal plan due on October 31, after Truss held hurried meetings with her own financial advisors on Thursday in his absence.
Speaking in Washington on Thursday, Kwarteng insisted that his job was safe.
He said: “I’m not going anywhere”
Kwarteng was however, immediately replaced with Jeremy Hunt.
@GBNEWS quotes the Prime Minister as saying that: “I was incredibly sorry to lose [Kwasi Kwarteng]. He is my friend and he shares my vision to set this country on the path to growth. Today I have asked Jeremy Hunt to be the new Chancellor.’ PM speaks at a news conference after appointing Jeremy Hunt as the new Chancellor.”
obglen1 states his opinion with the development:
Strong and stable? Jeremy Hunt is the UK’s fourth Chancellor in 3 months, and the fifth Chancellor in 3 years. Kwasi Kwarteng was chancellor for just 38 days. Nadhim Zahawi had the job for 63 days and had taken over from Rishi Sunak in July.”