According to the BBC, Kwasi Kwarteng is no longer chancellor following his meeting with Prime Minister Liz Truss at Downing Street. According to sources, Lizz Truss will attend a news conference later today as suspicion mounts that the government may revoke more of the tax cuts announced in its mini-budget.
Kwasi Kwarteng is the second-shortest-serving Chancellor in history, following the late Lain Macleod. Since 2019, the United Kingdom has had four Chancellors, including Nadhim Zahawi (62 days) and Sajid Javid (204 days).
His dismissal comes following media reports that he was fired just before Truss’s news conference when she is expected to jettison sections of their economic program in order to survive the country’s market and political crisis.
“You have asked me to stand aside as your Chancellor. I have accepted,” Kwarteng said in a letter to Truss, which he published on Twitter.
“It is important now as we move forward to emphasise 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,” Kwarteng said.
