U.K. Prime Minister Liz Truss Sacks Chancellor Kwasi Kwarteng


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.

Financial upheaval sparked by the new government’s September 23 plan to slash taxes — financed via billions in more borrowing — has subsided somewhat since the Bank of England intervened in bond markets.

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