Kwasi Kwarteng, United Kingdom Finance Minister, Fired

Kwasi Kwarteng, United Kingdom Finance Minister, Fired

Kwasi Kwarteng, the United Kingdom’s Chancellor of the Exchequer, was relieved of his duties on the morning of Friday, October 14th by his superior, Prime Minister Liz Truss. Kwarteng, who was the equivalent of a finance minister, was appointed to the position on September 6th and had served for less than six weeks. 

A well-known ally and longtime friend of Truss, in his short tenure as exchequer, Kwarteng passed a mini-budget that sought to reduce tax paying rates. The move, which may be seen as the beginning of Kwarteng’s downfall, was roundly criticized in UK political circles and led to losses in the UK financial markets and a dropping in the value of the Great Britain Pound. 

Kwarteng wrote and published a letter that served as a statement. “You have asked me to step aside as your Chancellor, I have accepted,” he wrote. “We have 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 honour to serve as your first Chancellor. Your success is this country’s success and I wish you well,” Kwarteng concluded. 

Still on the News…

Kwarteng was in the United States attending the International Monetary Fund and World Bank Group Annual Meeting, rubbing shoulders with his peers in the world of finance when rumors began swirling that he could be fired. 

He left Washington, D.C., and arrived in London, England on Friday morning where he was promptly fired. He will be replaced by Jeremy Hunt of the Conservative Party and formerly the foreign secretary and health secretary. 

Kwarteng had finally risen to a high level in British politics after years of climbing up the ladder. His time as exchequer will be remembered for its length as he served for the second shortest time. Truss’ termination of his employment will be seen as a bid to save herself.

In addition to firing Kwarteng following his mini-budget’s effects on the market, Truss has also announced that she will be maintaining the current corporation tax, backtracking her proposed economic policy. The UK will now have its fourth finance minister in four months.