LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss has fired her finance minister Kwasi Kwarteng, the BBC reported on Friday, shortly before she is expected to scrap parts of his economic package in a bid to survive the market and political ...
Downing Street confirmed that Truss, in power for only 37 days, would hold a press conference later on Friday after Kwarteng was forced to rush back to London from IMF meetings in Washington to address the chaos.If that is confirmed, Kwarteng would become Britain’s shortest serving chancellor since 1970, and his successor would be the country’s fourth finance minister in as many months.
The duo have since been under mounting pressure to reverse course, as polls showed support for their Conservative Party had collapsed, prompting colleagues to openly discuss whether they should be replaced. At the same time the Conservative Party’s discipline has all but broken down, fractured by infighting as it struggled first to agree a way to leave the European Union and then how to navigate the COVID-19 pandemic and grow the economy.
of the importance of “policy coherence”, underlining how far Britain’s reputation for sound economic management and institutional stability had fallen. Earlier a minister in the trade department, Greg Hands, had said people wanting details on the budget would have to wait until Oct. 31 when Kwarteng was due to set out his full plan alongside independent forecasts that will show the cost of the tax cuts to the public finances and whether they will boost economic growth.Rupert Harrison, a portfolio manager at Blackrock and once an adviser to former British finance minister George Osborne, said markets have now almost fully priced in a U-turn.
Another lawmaker told Reuters earlier this week that Truss needed to appreciate that there was not a huge amount of enthusiasm for her at the moment.
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