British Prime Minister Liz Truss dismissed Finance Minister Kwasi Kwarteng on Friday and replaced him with former Foreign Minister Jeremy Hunt. Truss and Kwarteng have been scrambling to reassure markets and lawmakers after a tax-cutting mini budget that was proposed on September 23 and created an economic maelstrom. It is expected that a reversal of this budget will be announced later on Friday.
Truss had been seeking a replacement for Kwarteng prior to his knowledge, as he had recently confirmed his role as the Chancellor of the Exchequer to the US and IMF. Kwarteng had announced tax cuts and heavy borrowing in September, and spooked markets. The cuts to taxes for high earners have been abandoned, and other reports suggest that the rise in business tax may be halted as well. The UK’s central bank has moved to reassure investors. The political and financial chaos has created speculation about Truss’s ability to succeed as the prime minister.
Read More: Jeremy Hunt replaces Kwasi Kwarteng as UK finance minister
