Kwasi Kwarteng

2022 - 10 - 14

Post cover — Image courtesy of "BBC News"

Mini-budget U-turn on table as Kwasi Kwarteng flies home (BBC News)

Pressure mounts on Liz Truss to U-turn over her fiscal plans as the chancellor cuts short his US trip.

However, he said Mr Kwarteng should remain chancellor and refused to accept recent market turmoil was due to a "mistake" by the government. He added that a U-turn would be a "complete betrayal of that she believed in" and he believed it would not happen. Scottish Conservative leader Douglas Ross called on the prime minister and chancellor to "get a grip" on the economy. I don't think that's reassuring." Former minister Johnny Mercer called for a "course correction" from No 10, describing the impact of rising mortgage rates on people who want to buy a home as "unconscionable" and "politically unsurvivable". Alicia Kearns, the new chairwoman of the Commons Foreign Affairs Committee, said the government had to "adapt" during a "crisis".

Liz Truss sacks Kwasi Kwarteng before corporation tax U-turn (The Guardian)

Kwasi Kwarteng has announced that Liz Truss has sacked him as chancellor, as the prime minister tries to restore her political authority before a U-turn on ...

She signed off on every detail and she defended it.” [weeks of defending the proposals](https://www.theguardian.com/politics/2022/oct/13/how-liz-truss-dug-in-over-pledge-to-axe-corporation-tax-rise) for unfunded tax cuts on a huge scale, government sources said a climbdown on the plan to scrap the rise in corporation tax was now “on the table”. He went on: “The economic situation has changed rapidly since we set out the growth plan on 23 September. You have put the national interest first.” This is her vision. I have accepted.”

UK Finance Minister Kwasi Kwarteng fired after market chaos and ... (CNBC)

British Finance Minister Kwasi Kwarteng was fired on Friday, amid mounting political pressure and market chaos after less than six weeks in the role.

[Sterling](/quotes/GBP=/) whipsawed during a volatile session. "As I have said many times in the past few weeks, following the status quo was simply not an option. [30-year yield](/quotes/UK30Y-GB/) briefly touched 4.261% during morning trade. I believe your vision is the right one. "We have been colleagues and friends for many years. "It is important now as we move forward to emphasise your government's commitment to fiscal discipline. Chris Philp, chief secretary to the Treasury, was also replaced by Edward Argar. In that time, I have seen your dedication and determination. "The economic environment has changed rapidly since we set out the Growth Plan on 23 September. [Bank of England](https://www.cnbc.com/2022/10/14/uk-cliff-edge-arrives-as-bank-of-england-prepares-to-end-bond-buying.html) to intervene in order to [save pension funds from collapse](https://www.cnbc.com/2022/10/14/uk-cliff-edge-arrives-as-bank-of-england-prepares-to-end-bond-buying.html), and a spike in mortgage rates for prospective homeowners. Kwarteng cut short a visit to Washington on Thursday to fly back to London as government ministers scrambled to address the market chaos unleashed in recent weeks. - Kwarteng cut short a visit to Washington on Thursday to fly back to London as government ministers scrambled to address the market chaos unleashed in recent weeks.

Britain's finance minister Kwasi Kwarteng sacked (The Straits Times)

He is being blamed, along with Prime Minister Liz Truss, for sending the British economy into a tailspin. Read more at straitstimes.com.

[That spooked the markets, ](https://www.straitstimes.com/world/europe/britains-deep-tax-cuts-spook-investors)sending the pound plummeting to a record low against the US dollar and forcing the Bank of England into [ an emergency intervention ](https://www.straitstimes.com/business/economy/why-the-bank-of-england-stepped-in-and-whats-next-in-the-uk-financial-crisis)to support the bond market. Ms Truss’s government has vowed to scrap the rise. [Britain’s biggest set of unfunded tax cuts ](https://www.straitstimes.com/business/economy/borrowing-costs-surge-sterling-tumbles-after-britains-new-economic-plan)in half a century. The currency sank 1.1 per cent to US$1.1199. “It is important now as we move forward to emphasise your government’s commitment to fiscal discipline.” Other options include reversing a planned cut in the basic rate of income tax to 19 per cent from 20 per cent – a politically unpalatable course of action; cuts to spending – something Ms Truss vowed not to do on Wednesday; and reversing smaller measures including a VAT refund on shopping for tourists and a planned cut in dividend tax. [ staked their reputations ](https://www.straitstimes.com/world/europe/britains-finance-minister-kwarteng-doubles-down-on-tax-cuts-promises-fiscal-discipline)on an all-out pitch for growth, and Ms Truss has sought to portray herself as a leader who would be resolute in pursuing her goals. [announce a U-turn on parts of the mini-budget.](https://www.straitstimes.com/world/europe/truss-prepares-for-humiliating-reversal-on-uk-economic-plan) “You have asked me to stand aside as your Chancellor. [weeks of market pressure on her](https://www.straitstimes.com/world/europe/britain-unveils-fresh-action-to-calm-markets-turmoil) to explain how she would pay for her programme. [ less than six weeks on the job.](https://www.straitstimes.com/world/europe/kwasi-kwarteng-end-of-a-short-road-for-uks-finance-minister) [Kwarteng on Friday and replaced him with former foreign secretary Jeremy Hunt, a centrist, as she prepared to scrap parts of her economic package in a bid to survive the market and the political turmoil gripping Britain.]

British PM Liz Truss fires finance minister Kwasi Kwarteng (CNA)

LONDON: British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday (Oct 14), shortly before she is expected to scrap parts of ...

That had formed a key part of their package after Sunak proposed increasing it to 25 per cent when he was finance minister under Truss's predecessor Boris Johnson. "Problem is the markets have lost trust in the Conservative Party - and who can blame them?" "If you can't get your budget through parliament you can't govern," Chris Bryant, a senior lawmaker from the opposition Labour Party, said on Twitter. Kwarteng is the country's shortest-serving chancellor since 1970, and his successor will be the fourth finance minister in as many months in Britain, where millions are facing a cost of living crisis. Advertisement

UK finance minister Kwarteng has been sacked - BBC (Reuters)

Britain's finance minister Kwasi Kwarteng has been sacked after less than six weeks in the job, the BBC reported on Friday, as the government's massive tax ...

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Kwasi Kwarteng steps down as chancellor, Jeremy Hunt replaces him (The Business Times)

BRITAIN'S Finance Minister Kwasi Kwarteng has been sacked after less than six weeks in the job, the BBC reported on Friday (Oct 14), as the government's ...