The Chancellor of the Exchequer of the United Kingdom, Kwasi Kwarteng, was fired by Prime Minister Liz Truss on Friday morning after her administration’s recent mini-budget, which included significant tax cuts for the wealthy, sparked a significant backlash from the general public and the stock market in recent weeks.
The BBC claims that Kwarteng’s dismissal is a precursor to a Truss announcement that will contain about-faces on a number of significant elements of Kwarteng’s mini-budget.
Kwarteng met with Truss at 10 Downing Street earlier on Friday after cutting short a trip to the United States. Kwarteng claimed in his resignation letter, which he posted on Twitter, that the Prime Minister requested him to “stand aside.”
Kwarteng continued by saying that although the “economic environment” had rapidly changed after the announcement of his mini-budget, he still opposed “high taxation,” which he says “still must be changed in order to promote economic growth.
Following the public disclosure of Kwarteng’s departure, the British pound fell to $1.12, down 0.4%. As Kwarteng’s replacement, Conservative MP Jeremy Hunt would become the fourth chancellor of the country in a turbulent year for the party.
In light of the turmoil surrounding Kwarteng’s departure and Truss’ policy reversals, questions have been raised regarding her own future in the position of prime minister.
The BBC reports that a number of influential Conservative Party leaders want to publicly call for Truss to step down.
According to the BBC, many of these senior MPs, including former cabinet ministers, think that Kwarteng should have resigned because she was merely carrying out Truss’s policy.
