UK PM Liz Truss fires finance minister Kwasi Kwarteng
British Prime Minister Liz Truss sacked her close friend, Kwasi Kwarteng, as UK Chancellor and replaced him with former Cabinet minister and Rishi Sunak supporter Jeremy Hunt in a day of major political upheaval at Downing Street in London on October 14.
Kwasi Kwarteng published his letter to UK Prime Minister Liz Truss after she fired him as Chancellor on Friday. In the letter, Kwarteng said, "You have asked me to stand aside as your Chancellor. I have accepted."
This new development came after the value of British government bonds plunged in the wake of the new "mini-budget" of September 23, which created the outrage that ultimately cost him his job.
In the letter, United Kingdom's Finance Minister said, "As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation -- that must still change if this country is to succeed."
According to CNN, Truss has made the toughest decision of her political career and sacked her finance minister, Kwasi Kwarteng, just weeks after he was appointed to the role.
Kwarteng was much more than a colleague to Truss. The two had become the darlings of the low-tax, free-market Conservative right who saw the resignation of Boris Johnson as a chance to finally install the libertarian, the de-regulating government of their dreams, reported CNN.
The government's tax-cutting mini-budget was not only a matter for Kwarteng but also for Truss. By throwing him under a bus, Truss tried to save her and her reign, she has also ditched the very economic plan that got her elected as Conservative leader a little over one month ago.