Kwarteng had assured Thursday that “he was not going anywhere” despite the financial market turmoil over the government’s controversial economic plans.
British Chancellor of the Exchequer Kwasi Kwarteng has been fired, the BBC and Sky News reported on Friday, as Prime Minister Liz Truss increasingly questioned her position.
Kwarteng, who had assured Thursday that “he was not going anywhere” despite the turmoil in financial markets caused by the government’s controversial economic plans, “is no longer Chancellor of the Exchequer,” the BBC reported. In a highly volatile market, the initially announced tax cut caused sterling to plummet against the US dollar, raising the cost of the UK’s long-term debt. Political instability weighed on the UK currency, which lost 1.10% to $1.1199 and 0.57% against the euro to 86.83 pence, a day after speculation about possible changes to controversial UK tax policy was strong increased.
Kwarteng was in Washington to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank, but was informed this Friday morning that he would be returning to London a day ahead of schedule, fueling the idea that Truss would remove him from his post. position or encourage him to resign from his position.
As a sign of the media’s great anticipation, British news broadcasters broadcast live the landing of the British Airways plane arriving at London’s Heathrow Airport. Shortly afterwards, it was announced that Truss will hold a press conference in the afternoon.
The Conservative Prime Minister, whose government appears to be on the brink of implosion, will speak in a particularly tense context. According to the British press, some members of her own party are already trying to remove her amid disastrous polls predicting a crushing defeat for the Conservatives in the upcoming parliamentary elections.
These aren’t scheduled for January 2025 at the latest, but the political and economic storm caused by the controversial tax cuts that Kwarteng and Truss have decided on seems to make it impossible for the conservative leader to remain in power until then.
Source: La Verdad
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