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.

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