The Kubera Principle

UK's Liz Truss Says She Was 'Incredibly Sorry' to Fire Kwasi Kwarteng

UK Prime Minister Liz Truss fired Chancellor of the Exchequer Kwasi Kwarteng and replaced him with former Foreign Secretary Jeremy Hunt as she prepared to make a humiliating U-turn on parts of her economic plan.

The move follows weeks of market and Conservative Party pressure on Truss to explain how she’ll pay for a massive package of tax cuts.

“It is important now as we move forward to emphasize your government’s commitment to fiscal discipline,” Kwarteng said in a letter to the prime minister, confirming she had asked him to step down.

But Kwarteng’s departure is a major blow to Truss after less than six weeks in office, and leaves her in a precarious position, with Tories openly plotting against her. The two politicians had portrayed themselves as being in lockstep on the economy, and had staked their reputations on an all-out push for growth when the now former chancellor announced the biggest set of unfunded tax cuts in half a century on Sept. 23.

Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm
Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup

Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.

To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.

Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30

Connect with us on…
YouTube: https://www.youtube.com/user/Bloomberg
Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews
Twitter: https://twitter.com/quicktake
Facebook: https://www.facebook.com/quicktake
Instagram: https://www.instagram.com/quicktake

© 2024 Yiasou.News. Ολα τα δικαιώματα διατηρούνται.