Kwasi Kwarteng sacked: Liz Truss sacks finance minister over mini-budget chaos

UK Finance Minister Kwasi Kwarteng paid the price for the chaos unleashed by his mini-budget when he was sacked by Liz Truss.

The Chancellor returned early from International Monetary Fund talks in Washington on Friday to be briefed on his fate during a brief meeting with the Prime Minister.


British Prime Minister Liz Truss walks out of 10 Downing Street Photo: Reuters/Hannah McKay/File Photo

British Prime Minister Liz Truss walks out of 10 Downing Street Photo: Reuters/Hannah McKay/File Photo

In a letter published this afternoon, Mr Kwarteng asked him to step down. He held the position for 38 days.

In the letter to Ms Truss, he said it was an honor to serve her and said it was an “incredibly difficult” situation they had inherited.

“However, your view of optimism, growth and change was right,” he wrote.

“As I’ve said many times over the past few weeks, going with the status quo just wasn’t an option.

“For too long this country has been plagued by low growth rates and high taxation – that still needs to change if this country is to succeed.”

Mr Kwarteng called his medium-term budget plan, which will be unveiled on October 31, ‘crucial’ and said Ms Truss’ vision ‘is the right one’.

“Your success is the success of this country and I wish you well.”

Ms Truss installed a new Treasury chief as she struggled to calm markets and keep her job after the release of a controversial economic plan.

She appointed former Cabinet Minister Jeremy Hunt to the post – the UK’s fourth Treasury chief this year.

Ms Truss will host a press conference in Downing Street later on Friday at which she is expected to announce major changes to Mr Kwarteng’s £43billion tax giveaway.

It comes as top Tories discuss replacing Liz Truss herself, with a joint ticket from former leadership candidates Rishi Sunak and Penny Mordaunt, according to reports.

Just weeks after Ms Truss became Prime Minister, MPs are reportedly plotting to nominate a unity candidate in an undisputed ‘coronation’ of a new Tory leader.

It comes as Ms Truss and Kwasi Kwarteng were close to backtracking on corporation tax cuts, which were a key token of her leadership campaign.

A former Tory minister called the move ‘desperate’ and said it would not be enough to save the careers of Ms Truss and Mr Kwarteng.

‘A prime minister and chancellor reacting to the markets, the centerpiece of their core narrative for the shredded economy and no credibility left,’ the MP said. The Independent. “It’s impossible for them to recover.”

Another MP said The temperature: “Rishi people, Penny people and sane Truss supporters who realize she’s a disaster just need to sit down together and figure out who the candidate for unity is. It’s either Rishi as Prime Minister with Penny as Deputy and Foreign Secretary, or Penny as Prime Minister with Rishi as Chancellor.

Another senior Tory told the newspaper “a coronation won’t be so difficult to organize” and could be achieved by increasing the number of candidates required to stand for election.

But another senior MP said it was ‘premature’ for the party to consider getting rid of Ms Truss. They told the PA news agency it would be considered ‘completely bonkers to have three prime ministers in one year’.

A former cabinet minister said Ms Truss was ‘probably going to have to fire’ Mr Kwarteng in a bid to save his job following the disastrous mini budget that rocked the UK economy.

“Even then, it might not be enough if it can’t regain the confidence of the markets,” they told the Daily mail.

According to a YouGov poll, nearly half of those who voted Conservative in the last election want Truss out.

Some 62% say rank and file members made the wrong choice in the leadership vote, and 43% want to be part of the party to appoint a new prime minister. Only 29% oppose it.

Mr Sunak came second in the Tory leadership race and Ms Mordaunt finished third.

Existing Conservative rules prevent the prime minister from being removed from office by MPs for a year from his election. However, it is believed that these could be changed if the right party authorities were involved.

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