Kwasi Kwarteng

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 Treasury minister, Kwasi Kwarteng, resigns after Prime Minister Liz Truss asked him to stand aside ahead of an expected scrapping of parts of his ...

Mr Kwarteng's resignation came shortly before Ms Truss announced she was scrapping parts of his economic package in a bid to survive the market and political turmoil gripping the country. - Kwasi Kwarteng was asked to resign as Chancellor of the Exchequer by PM Liz Truss UK Chancellor of the Exchequer Kwasi Kwarteng out after PM Liz Truss asks him to resign

British Prime Minister Liz Truss has sacked Kwasi Kwarteng as her Chancellor after just 38 days in office as she attempts to drag her government out of deep ...

I believe your vision is the right one. Gilts extended a rally from Thursday into Friday, with the yield on the 30-year bond down 0.24 percentage points to 4.31 per cent as its price rose sharply. “We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. “I want to be honest. “This will raise £18bn a year.”

Kwarteng's political demise seems likely to go into political history as a tale of hubris: a minister so certain of his beliefs and impatient with others' views ...

His parents – an economist and a barrister – emigrated from Ghana as students. Instead it was over in 38 days. It also emerged that he had decided to attend a [a thoughtful book](https://www.theguardian.com/politics/2022/aug/30/ghosts-of-empire-what-kwasi-kwartengs-book-tells-us-about-him) about the legacy of the British empire. Five weeks and three days later, he is gone. [much more was to come](https://www.theguardian.com/politics/2022/sep/25/kwarteng-uk-economy-must-expect-more-tax-cuts-and-deregulation).

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".

STRICTLY SPEAKING, the chancellor of the exchequer—Britain's finance minister—is not in charge of his own department. The First Lord of the Treasury is the ...

Mr Kwarteng’s successor, Jeremy Hunt, is the sixth chancellor in just over three years. Gordon Brown, the longest-serving modern chancellor, spent ten years in the job before succeeding Tony Blair as prime minister. Mr Kwarteng’s chancellorship is the second shortest of modern times.

Kwarteng, a close ally of U.K. Prime Minister Liz Truss, has come under heavy criticism for his mini-budget which triggered a slump in the pound and other ...

After the initial indication that she and her government would push forward with the budget, Truss was [forced](https://www.forbes.com/sites/roberthart/2022/10/03/uk-ditches-tax-cuts-for-richest-amid-growing-backlash-and-market-mayhem/?sh=5c8220fa2efe) to climb down and scrap the planned tax cut for high earners after facing strong opposition from other members of her party. If implemented, the policy would have significantly increased government borrowing, something that spooked markets late September and caused the pound to [Liz Truss appoints Jeremy Hunt as UK chancellor ahead of tax cut U-turn](https://www.ft.com/content/63ac7dab-d8e4-412c-a910-c0013fdf7f3d) (Financial Times) [Liz Truss appoints Jeremy Hunt as chancellor after sacking Kwarteng](https://www.theguardian.com/politics/2022/oct/14/liz-truss-appoints-jeremy-hunt-as-chancellor-after-sacking-kwarteng) (The Guardian) The report notes that many of these senior lawmakers include former cabinet ministers who believe Kwarteng was simply carrying out Truss’ policies and therefore she should be the one who should have stepped down. Truss had vowed to enact sweeping tax cuts if she was voted into power, ignoring concerns that this would further fuel inflation. Late last month, Kwarteng unveiled a mini-budget that included tax cuts that would mostly benefit the wealthiest Britons along with other tax cuts, while also attempting to subsidize spiraling energy costs for households and businesses.

Prime Minister Liz Truss fires Chancellor Kwasi Kwarteng as she reverses course on sweeping tax cuts.

She has been under intense pressure to scrap some of the 43 billion pounds ($48bn) in unfunded tax cuts in the “mini budget”. Under the “mini budget”, the tax was due to be frozen at 19 percent. [Kwarteng](/news/2022/9/22/who-is-kwasi-kwarteng-and-what-is-his-plan-for-the-uks-economy) confirmed that he was asked to “step aside” as chancellor on Friday. “This is potentially an effort by the prime minister to reach across the aisle and try to secure some unity in her very troubled party.” Truss said she was acting to “reassure the markets of our fiscal discipline” and promised to press on with other aspects of her economic plan, saying, “I want to deliver a low tax, high wage, high growth economy.” Kwarteng’s departure comes after a month in the job — and three weeks after he announced a tax-cutting “mini budget” that sent the pound plunging to record lows against the US dollar.

In another day of turmoil for the UK government, Liz Truss has dumped another promised tax cut and sacked her top finance minister, Kwasi Kwarteng.

“I hope that what will be announced will calm the markets,” Norman Lamont, who served as chancellor of the exchequer from 1990 to 1993, said on Bloomberg. “And if we don’t get that, then the markets will react very negatively.” British companies had not been vocal in their support of the corporation tax freeze.

Kwasi Kwarteng, the chancellor of the Exchequer, was fired on Friday by Prime Minister Liz Truss in a bid to end weeks of market turmoil.

“Even though we may have pulled back from the abyss,” she added, “we’re not in a positive position.” The pound was trading below $1.12, lower than where it was before the government’s policy statement on Sept. But then the pound weakened again after Ms. Truss would backtrack on some of the tax cuts, said Jane Foley, a strategist at Rabobank, and there was only a “teeny little” response to the dismissal of Mr. The British currency rose slightly after Ms. It was the fledgling government’s second major U-turn from the agenda it set out on Sept.

LONDON — British Prime Minister Liz Truss was propelled into high office by her bold promises to supercharge the country's flagging economy with big tax ...

23 announcement of the government’s new “Growth Plan,” which would be propelled by the “biggest package of tax cuts in generations,” caused the currency to tank and the central bank to step in to calm markets. Liz Truss’ reckless approach has crashed the economy, causing mortgages to skyrocket, and has undermined Britain’s standing on the world stage." Kwarteng lasted just 38 days in the job. I was shocked at how brutal it was.” Kwarteng, a free-marketeer and zealous Brexiteer, flew home to London from Washington earlier on Friday, as British newspapers tracked his flight. Well-to-do Brits pay a top rate of 45 percent on annual income over £150,000 ($168,000). “It is important now as we move forward to emphasize your government’s commitment to fiscal discipline.” He now becomes Britain’s fourth chancellor in four months, taking over economic policy portfolio at a moment the Bank of England is forecasting a recession this winter. Hunt lost the Conservative Party leadership race to Boris Johnson in 2019. She has been in office for less than six weeks. In that contest, he favored cutting corporate taxes. Britain’s top stock index, the FTSE 100, was essentially flat.

UK Chancellor Kwasi Kwarteng has been sacked just 38 days into the job by UK Prime Minister Liz Truss. In a letter to the Prime Minister, Mr Kwarteng said, ...

I believe your vision is the right one. In that time, I have seen your dedication and determination. In a letter to the Prime Minister, Mr Kwarteng said, “we’ve been colleagues and friends for many years.

The chancellor and prime minister were determined to take radical action in pursuit of economic growth. It didn't matter if parts were unpopular, they would do ...

It is hard to think of a political gamble which has backfired more - or a political relationship which has collapsed more quickly. In the meeting with Ms Truss, his cabinet career was brought to a swift end. Instead, he accepts the government needs to do more emphasise its commitment to balancing the books. Some have told me they are pleased with the appointment of Jeremy Hunt as chancellor. But after just five weeks, the government's economic strategy lies in pieces. There is little sign Mr Kwarteng thinks he or the prime minister got the ideology wrong. The chancellor and prime minister were determined to take radical action in pursuit of economic growth. Those close to the chancellor also portrayed him as politically stubborn; once he had made up his mind he would stick with the plan. Mr Kwarteng's allies briefed that their relationship was solid; that he saw his job simply as delivering the prime minister's vision for a low tax economy. But key elements of the strategy proved too unpopular for the markets and for Tory MPs. Soon came open revolt, with senior Conservatives openly criticising the decision to scrap the 45p additional tax rate. Just three weeks ago, in the poorly named mini-budget, he ripped up years of Conservative economic strategy.

Sterling fell, FTSE 100 lost its gains and bond yields rose after PM's press conference failed to announce new direction.

It suggests there was a drop in demand for emergency cash from certain pension funds that last month were at risk of collapse. The writing was on the wall when markets surged in anticipatory delight on the news that another post-budget U-turn was imminent and moves on corporation tax have gone a long way to bolstering sentiment today. Government bonds rallied before she spoke, pushing yields – the interest rate in relation to the price of the bond – sharply lower. We’re awaiting answers and in some ways I’m surprised the markets haven’t reacted more negatively.” Sterling fell 1.3% to $1.1188 on a rollercoaster day for the currency. However, the prime minister’s appearance erased almost all of its advance in afternoon trading, with the blue chip index up just 8 points at 6,858 on the day.

Chancellor makes early return from IMF meeting in Washington amid rumours around his job and that of prime minister Liz Truss.

The growth plan (is) the centrepiece, but we’ll have to see some of the detail including a full forecast from the Office for Budget Responsibility on the 31st of October. The government will make responses as appropriate as events happen, but the absolute commitment is to publish the medium-term fiscal plan. He’s coming back for discussions with colleagues, we obviously have the medium-term fiscal plan coming up on 31 October, so just in a couple of weeks’ time. But that’s not to say that we can’t reset and I think there is the time to do that. He said he hopes Kwarteng is flying home from the US early to have conversations with Liz Truss and row back on tax cuts. It was more likely to lead I’m afraid in the kind of lack of confidence that’s been in the markets over the last few weeks. The fact that people were speculating about the prime minister’s leadership this early in her premiership is not ideal but I think he’s just got to bite the bullet. It quoted one senior Tory as saying that a “coronation won’t be that hard to arrange”. Markets have seen some stabilisation on the news of a potential U-turn, Stride told BBC Breakfast. “It is quite unusual for this to happen,” he said. Weighed down by huge global problems, Callaghan told reporters at Heathrow “I don’t think other people in the world would share the view that there is mounting chaos.” Beleaguered chancellor Kwasi Kwarteng’s sudden return to London recalls the troubles faced by prime minister James Callaghan in January 1979.