Britain’s finance minister Kwasi Kwarteng has been sacked after less than six weeks in the job, the British Broadcasting Corporation, BBC, reported on Friday, as the government’s massive tax cuts sparked financial market turmoil.
Kwarteng is no longer chancellor of the exchequer, the BBC said. The Times newspaper reported earlier that Kwarteng was expected to be sacked.
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.
Speaking after his resignation, Kwarteng said he reached an agreement with the UK Prime Minister, Liz Truss to resign from office.
Truss is expected to make a statement anytime from now as the Kingdom faces one of the highest inflations in decades.
Reuters
