British prime minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday and news reports said she will soon scrap parts of the economic programme of big, unfunded tax cuts that they delivered last month. The Times newspaper reported earlier that Kwarteng was expected to be sacked.
The value of British government bonds, which plunged in the wake of the new government’s “mini-budget” of September 23, jumped and other British assets also rose. His sack comes less than six weeks on the job, the BBC reported on Friday, as the government’s massive tax cuts sparked financial market turmoil.
His sacking makes Kwarteng Britain’s shortest serving chancellor since 1970, and his successor would be the UK’s fourth finance minister in as many months as the nation grapples with a cost-of-living crisis.