Kwasi Kwarteng Resigns, Jeremy Hunt Named New Chancellor of the Exchequer. Prime Minister Truss Confirmed the Corporate Tax Rate Will Increase to 25%. Political Implications and the Way Forward.
Kwasi Kwarteng Resigns, Jeremy Hunt Named New Chancellor of the Exchequer.
The continued back and forth between BoE Governor Bailey and the government as well as the uncertainty in policy came to a head on Friday as Kwasi Kwarteng resigned ending his six-week reign as Chancellor. Kwarteng confirmed in a letter that PM Truss had asked him to step aside. This comes in the wake of turmoil that has swept through the UK markets since the mini-budget speech presented by the Chancellor on the 23rd of September.
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UK PM Truss sacks finance minister Kwarteng, Hunt replaces himJeremy Hunt is a government veteran who has served as former foreign secretary and health secretary, and ran unsuccessfully to lead the Conservative Party in 2019.
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UK's Truss fires finance minister KwartengBritish Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday, shortly before she is expected to scrap parts of their economic package in a bid to survive the market and political turmoil gripping the country.
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Reactions: UK's Truss fires Kwarteng, set to U-turn on tax cutsBritish Prime Minister Liz Truss Kwasi Kwarteng on Friday, replacing him with former foreign minister Jeremy Hunt, and scrapped part of her big unfunded tax cut plans.
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UK PM Truss to announce U-turn on budget and replace Kwarteng – The TimesPolitical Editor for The Times, Steven Swinford, tweeted on Friday that British Prime Minister Liz Truss was planning to announce plans to raise corpo
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Kwasi Kwarteng says he has accepted decision to stand aside as chancellorIn a statement, the now-former Chancellor of the Exchequer Kwasi Kwarteng says he has accepted the decision by U.K. Prime Minister Liz Truss to leave....
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