U.K. Prime Minister Liz Truss has sacked Kwasi Kwarteng as Chancellor of the Exchequer – the government’s top financial post – after just five weeks into office.
“You have asked me to stand aside as your Chancellor (of the Exchequer). I have accepted,” he wrote in a letter to Truss and published on his Twitter account.
The move comes as the U.K. continues to deal with the fall-out of Kwarteng’s mini-budget, which Truss endorsed and triggered financial turmoil, including a steep rise in interest rates.
The country has already been dealing with sky-rocketing energy costs as well as a cost of living crisis, which is affecting both individuals and businesses.
There was no immediate announcement of his successor, who would become Britain’s fourth Finance Minister this year.