UK Prime Minister, Liz Truss Sacks Chancellor
British Prime Minister Liz Truss on Friday dismissed her Finance Minister, forcing Kwasi Kwarteng to carry the can for turmoil sparked by her right-wing economic platform as restive Conservatives plotted her own demise.
The chancellor of the exchequer was dismissed in person by Truss after he rushed back early from international meetings in Washington, multiple media reports said, and she was due later to hold her first Downing Street news conference.
There was no immediate announcement of his successor, who would become Britain’s fourth Finance Minister this year.
Financial upheaval sparked by the new government’s September 23 plan to slash taxes — financed via billions in more borrowing — has subsided somewhat since the Bank of England intervened in bond markets.
But the central bank was adamant it would end its bond-buying spree on Friday, and market analysts said only a bigger climbdown by Truss following Kwarteng’s disastrous budget announcement last month would avert fresh panic.
No timing was given for Truss’s news conference, but the announcement underscored the sense of peril as some Conservative MPs reportedly mobilised to unseat the new leader just five weeks since she succeeded Boris Johnson.
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No chill