Drama As Kwarteng, UK Finance Minister Is Fired After Six Weeks [Document]

Related stories

Fubara Meets Tinubu in Lagos Amid Political Tension in Rivers State

By Abiola Olawale Suspended Governor of Rivers State, Siminalayi Fubara,...

Obasanjo Opens Up On Why He Established Leadership Institute

By Kolawole Ojebisi Former President Olusegun Obasanjo has disclosed the...

What Caused Deadly Mokwa Flood In Niger — Minister, Utsev

By Kolawole Ojebisi The Minister of Water Resources and Sanitation,...

Britain’s Finance Minister Kwasi Kwarteng has been sacked after less than six weeks in the job, the BBC reported on Friday, as the government’s massive tax cuts sparked financial market turmoil.

His sacking makes Kwarteng Britain’s shortest-serving Chancellor since 1970. Former Foreign Secretary and former Tory leadership candidate Jeremy Hunt has been appointed as Kwarteng’s replacement, making him Britain’s fourth Finance Minister this year as the nation grapples with a cost-of-living crisis.

“You have asked me to stand aside as your chancellor. I have accepted,” Kwarteng wrote in a letter to Truss, who only succeeded Boris Johnson on September 6.

But he insisted that their economic programme was needed because “the status quo was simply not an option”.

In reply, Truss wrote that Kwarteng had “put the national interest first”.

“I know that you will continue to support the mission that we share to deliver a low-tax, high-wage, high-growth economy that can transform the prosperity of our country for generations to come,” she said.

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.

But the Central Bank was adamant it would end its bond-buying spree on Friday, and market analysts said only a bigger climbdown by Truss following Kwarteng’s disastrous budget announcement last month would avert fresh panic.

Tony Travers, from the London School of Economics, told AFP Kwarteng had been made “the fall guy for the government’s mistakes” — but that the sacking had not taken the pressure off Truss or calmed the Tories.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Obasanjo Opens Up On Why He Established Leadership InstituteWhat Caused Deadly Mokwa Flood In Niger -- Minister, Utsev2027: No Automatic Tickets For Lawan, Oshiomhole, Wamako, Kalu, Ndume, Yar'Adua, Other 103 Senators, Says APCBREAKING! Appeal Court Voids Election Tribunal's Verdict, Hands APC Victory In ALL 23 Benue LGs$1.28 billion's Withheld Airlines Funds: IATA Clears Nigeria As Mozambique top listConfusion As Aiyedatiwa's Allies Resign As Deputy Speaker, Majority Leader Of Ondo AssemblyOver 4 Million Refugees Have Fled Sudan Due To Civil War, Says UNEx-Imo Gov. Okorocha Blasts Opponents: Those With Phobia for Okorocha Can't Sleep, Spewing LiesGen T.Y. Danjuma opens up on Declining Health: "Time is Running out for me...I'm a Sick, old Man."South Korea election results 2025 live: Lee Jae-myung projected to winAtiku, Amaechi, El-Rufai Sore Losers Driven By Inordinate Quest To Regain Power --- APCNo Plan For Total Dissolution Only Non-performing Commissioners'll Be Sacked -- Oborevwori War: After ceasefire, Ukraine Expects Exchange Of War Prisoners With Russia Ground Rent : I Take Delight In Stepping On Big Men's Toes -- WikeStop Posting Videos Mocking Civil Servants’ Over Luxury Cars --- FG Warns Dealer
X whatsapp