Kwarteng was appointed as chancellor by Liz Truss 38 days ago but his downfall started following the mini-budget he presented on 23 September in which he announced £45 billion in unfunded tax cuts.
The United Kingdom Finance Minister, Chancellor Kwasi Kwarteng, has been sacked after his open revolt among Tory Prime Ministers (MPs) over his economic plan that reportedly unleashed chaos in the country’s economy.
According to Sky News, Kwarteng was appointed as chancellor by Liz Truss 38 days ago but his downfall started following the mini-budget he presented on 23 September in which he announced £45 billion in unfunded tax cuts.
Sky News reports that the mini-budget pushed the pound to a record low against the dollar, sent the cost of government borrowing and mortgage rates up and led to an unprecedented intervention by the Bank of England.
In his resignation letter to Ms Truss, Kwarteng was quoted as saying, "You have asked me to stand aside as your chancellor. I have accepted,” adding that he accepted the job "in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices."
He however said that the PM's "vision of optimism, growth and change was right" and "following the status quo was simply not an option" and that they have been "colleagues and friends for many years" and he believes her "vision is the right one."
“It has been an honour to serve as your first chancellor. Your success is this country's success and I wish you well," he added.