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Three weeks after assuming charge, the British Chancellor of the Exchequer submitted his resignation. British-born Ghanaian minister Kwasi Kwarteng announced his resignation recently in a letter to Prime Minister Liz Truss.
Three weeks after assuming charge, the British Chancellor of the Exchequer submitted his resignation. British-born Ghanaian minister Kwasi Kwarteng announced his resignation recently in a letter to Prime Minister Liz Truss.
Liz Truss, while explaining reasons for the resignation of the minister said she was acting to reassure the markets of fiscal discipline. Kwasi Kwarteng also ceased to be Treasury chief. She replaced him with former Cabinet minister Jeremy Hunt. For three weeks money market in Britain has been undergoing a difficult trajectory due to the government’s tax-cutting “mini-budget. The pound plunged to record lows against the dollar and led the Bank of England to step in to prevent a wider economic crisis.
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Kwasi Kwarteng was in Washington. He cut short his stay to return to London. There is a possibility that the tax cuts announced by the earlier secretary of finance will be reviewed by the Cabinet. A meeting was held by Liz Truss recently to discuss the tax cuts announced on September 23. While in the US to attend the IMF meeting, Kwasi Kwarteng had remained evasive about a possible change in fiscal direction; but ruled out resigning.
