Kwasi Kwarteng sacked after six weeks as chancellor
Downing Street has confirmed that Kwasi Kwarteng has been sacked after he and Liz Truss introduced a disastrous mini-budget that caused market turmoil, a bailout of pension funds and rising mortgage rates.
The sacking of Kwasi Kwarteng is not enough Liz Truss is just as responsible if not more so for the economic collapse created by her chancellor, this was a joint monetary policy that the prime minister without reservation backed to the hilt.
On the 29th of September immediately after the devastating fallout of the mini-budget Prime Minister Liz Truss insisted the Government’s tax-cutting measures were the “right plan” in the face of rising energy bills and to get the economy growing despite market turmoil sparked by the Chancellor’s mini-budget.
In her first public comments since the mini-budget market chaos, Ms Truss defended Chancellor Kwasi Kwarteng’s measures, insisting “urgent action” was needed, although she admitted the Government’s decisions have been “controversial” but did nothing to give confidence to the market and allowed the British people to carry the weight of their bad decisions hitting us all in the pocket through our rents and mortgages.
We would rather see weeks of Tory turmoil and a new leadership race than years of Truss creating disasters.
They have both created this chaos that we the public will now be paying for directly out of our pockets. Millions are now looking forward to a cold, skint Christmas
— Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022
Kwasi Kwarteng confirms he was sacked
Kwasi Kwarteng has confirmed he was asked “to stand aside” as chancellor.
In a letter to the prime minister, Kwarteng writes:
You have asked me to stand aside as your Chancellor. I have accepted.
When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.
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.
Other heads are rolling, Chris Philp is out as Chief Secretary to the Treasury and will be replaced by Ed Argar Not clear if anything’s happening with other ministerial roles.
Jeremy Hunt has been appointed as the new Chancellor following the sacking of Kwasi Kwarteng.
It marks a return to government for Hunt, who last served as foreign secretary between 2018 and 2019.
The 55-year-old previously had long tenure as health secretary from 2012 until 2018 under both David Cameron and Theresa May.
He becomes the fourth Tory Chancellor this year…
