As the country experiences its worst economic difficulties in decades, Britain’s finance minister Kwasi Kwarteng was fired after less than six weeks on the job.
To survive the economic and political unrest plaguing the nation, Prime Minister Liz Truss also abandoned some of her government’s economic plan.
As the country struggles with a cost-of-living issue, Mr. Kwarteng’s dismissal makes him the British chancellor with the shortest tenure since 1970. His successor would be the UK’s fourth finance minister in as many months.
According to the BBC, Ms. Truss has named Jeremy Hunt, a former health secretary who backed Rishi Sunak in the Tory leadership race, as the new chancellor.
“We’ve been colleagues and friends for many years. In 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,” Mr Kwarteng said in a letter to the Prime Minister.
— Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022
Chris Philip will take over as chief secretary to the Treasury per Ms. Truss’ request, and Edward Argar will take his place.
In order to quell market turmoil and reassure her party, Ms. Truss has faced pressure to abandon portions of her economic strategy. Conservative lawmakers have contemplated ousting Ms. Truss as prime minister.