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After just six weeks in office, British Finance Minister Kwasi Kwarteng was sacked by Prime Minister Lizz Truss on October 14. His departure occurs after putting on the table tax cuts for 45,000 million pounds sterling to those who oppose from the financial and political sector. Truss is facing pressure from the Conservative Party that is even considering replacing her.
Former Foreign Secretary Jeremy Hunt is the new head of the UK finance portfolio. This was confirmed by the office of British Prime Minister Liz Truss, after leaving Kwasi Kwarteng, this Friday, October 14.
Kwarteng, who lasted only six weeks in office, confirmed in a letter that the government leader asked him to “step aside.”
“When you asked me to be your minister, I did so in the full knowledge that the situation we were facing was incredibly difficult, with interest rates and energy prices rising globally. However, your vision of optimism, growth and change was right,” said the now former minister.
Kwarteng, removed from his duties a few hours after landing in London after cutting short a trip to the United States, is leaving his position after putting on the table tax cuts of 45,000 million pounds sterling. A proposal that put the local currency on the ropes and that did not convince the country’s financial or political sector.
The prime minister had already been forced to withdraw, in a matter of days, the offer to lower the income tax for large fortunes from 45% to 40%. A measure with which she said she hoped to encourage growth.
Kwarteng deemed those moves necessary. as he pointed out again in the letter in which he confirmed his departure from the Government. “For too long, this country has been dogged by low growth rates and high taxes; that still needs to change if this country is to succeed,” he remarked.
Downing Street also confirmed other cabinet changes related to the country’s finances. Chris Philp steps down as chief treasury secretary and is succeeded by Ed Argar, who has so far served as cabinet minister.
The first secretary is the second most important position in the Treasury and includes the management of public spending.
Truss, who became prime minister since last September, faces strong internal pressure to make decisions that mitigate the economic damage to her nation, after Brexit, high energy costs amid the Russian war in Ukraine and significant inflation. .
Some experts forecast that the cost of living for the consumer in the British territory would reach a maximum of 18.6% next January, nine times more than the target of the Bank of England.
After Truss rectified the controversial fiscal plan proposed by Kwarteng, members of the Conservative Party are even planning to increase pressure on the prime minister to replace her in office, according to sources quoted by the British network ‘BBC’.
With Reuters and local media
