Kwarteng becomes Britain’s shortest serving finance minister except for a predecessor who died suddenly in office in 1970. “This marks the first time in decades – since at least the 90s – that the financial markets have forced the government of a big developed economy with its own central bank to capitulate on core fiscal ambitions,” Evercore analysts said. He is the fourth finance minister in as many months in Britain, where millions are facing a cost of living crisis. To replace him, she appointed Jeremy Hunt, a former foreign and health secretary who had backed her rival Rishi Sunak in the race to become Conservative Party leader. But we will get through this storm.”Įarlier Truss fired her finance minister and close friend, Kwarteng, after he was forced to rush back to London overnight from IMF meetings in Washington. “I have acted decisively today because my priority is ensuring our country’s economic stability,” she said. Truss said she accepted she had gone “further and faster” than markets had been expecting during her 37 days in power. The pound and British government bonds fell as a chastened Truss held an eight-minute news conference in Downing Street, with economists and investors saying her reversal of 20 billion pounds ($22 billion) of tax cuts was unlikely to calm febrile financial markets. LONDON (Reuters) – British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday and scrapped parts of their economic package in a desperate bid to stay in power and survive the market and political turmoil gripping the country. By Elizabeth Piper, Kate Holton and Alistair Smout
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