The questions in the minds of many observers is have any individuals ever caused more damage to the economy in the United Kingdom that its current Prime Minister Liz Truss and the man she once confided in, the form of Kwasi Kwarteng, who’s been ousted as British Chancellor of the Exchequer today, by her hand.
Kwarteng was summoned hurriedly back to the UK from a trip to Washington D.C. for the seal to be placed on his disastrous reign as chancellor which lasted an ignominious 38-days. The shortest reign of all.
Kwarteng wrote to the UK prime minister, saying he’s accepted her request for him to stand aside.
The markets were sent into turmoil last month after he announced unfunded plans to slash taxes.
Mrs Truss is hanging on a Prime Minister. The only question is will she resign or will she be pushed?
She announced a U-turn on the government’s decision in the mini-budget to freeze corporation tax.
It means the tax will now rise from 19% to 25% – a policy that had previously been pledged by former Chancellor Rishi Sunak.
Truss said the move will raise £18bn in taxes per year.
She conceded that parts of her mini-budget “went further and faster than markets were expecting“.
Meanwhile Jeremy Hunt has been appointed chancellor after the prime minister sacked Kwasi Kwarteng.
Mr Hunt returns to the frontbenches after a few years off, after serving as foreign secretary under Theresa May and health secretary and culture secretary under David Cameron.