Weeks after unfunded tax cuts in UK, Kwasi Kwarteng sacked as British Chancellor

New Delhi: Just weeks after he announced unfunded tax cuts that sparked financial turmoil in the equity markets of the United Kingdom, Kwasi Kwarteng has been sacked as British Chancellor on Friday amid severe backlash over his ‘mini-budget’.

Emerging British media reports suggested that Kwarteng met Prime Minister Liz Truss at Downing Street earlier in the day, after cutting short a visit to the United States and flying back to London.

In a letter confirming his removal, Kwarteng supports Truss’s economic “vision” for the county and says he will continue to support her from the backbenches.

The British Prime Minister will hold a news conference soon as speculation builds that the government could reverse more of the tax cuts that it had announced in its mini-budget.

According to the BBC, Truss earlier thought the Chancellor was “doing an excellent job”, despite mounting criticism over his financial announcements for the UK.

The Prime Minister too has been facing growing calls from within her party to rethink her economic plans.

According to media reports, it was the PM’s call to remove Kwarteng and he did not relinquish his post on his own. It is believed that he was asked to step down and he just followed instructions.

Barely a couple of months ago, when Liz Truss was voted to power, it seemed clear that Truss and Kwarteng were the closest of political allies but a few lopsided decisions and the turmoil in the financial markets of the United Kingdom led to the split.

Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.