British Prime Minister Liz Truss has officially sacked the UK Chancellor and Finance Minister Kwasi Kwarteng over controversial economic policies.
Kwarteng who rushed back to the UK from IMF meetings in Washington was sacked on Friday over the controversy of his much-criticized economic package.
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“British Prime Minister Liz Truss has fired her finance minister Kwasi Kwarteng, the BBC reported on Friday, October 14, shortly before she is expected to scrap parts of his economic package in a bid to survive the market and political turmoil gripping the UK.
Confirming the news, Kwarteng via a tweet on Friday displayed a letter to the Chancellor accepting her instruction to have him “stand aside”
“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 the 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.
The economic environment has changed rapidly since we set out the Growth Plan on 23 September. In response, together with the Bank of England and excellent officials at the Treasury, we have responded to those events, and I commend my officials for their dedication.
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It is important now as we move forward to emphasise your government’s commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.
We have been colleagues and friends for many years. At that time. I have seen your dedication and determination. I believe your vision is the right one. It has been an honor to serve as your first Chancellor. Your success is this country’s success and I wish you well.”
Kwarteng’s challenges arose after he put out a UK Economic policy that it will cut the top tax rate from 45% to 40% from April 23rd of next year sending the UK Pound spiraling down as investors scampered.
The move was criticised because the government did not show how it will fund the tax cuts suggesting that the new prime minister Liz Truss and her Chancellor Kwasi Kwarteng seemed bereft of reality.