Kwasi Kwarteng

British Finance Minister Kwasi Kwarteng was fired on Friday, amid mounting political pressure and market chaos after less than six weeks in the role.

[Sterling](/quotes/GBP=/) whipsawed during a volatile session. "As I have said many times in the past few weeks, following the status quo was simply not an option. [30-year yield](/quotes/UK30Y-GB/) briefly touched 4.261% during morning trade. I believe your vision is the right one. "We have been colleagues and friends for many years. "It is important now as we move forward to emphasise your government's commitment to fiscal discipline. Chris Philp, chief secretary to the Treasury, was also replaced by Edward Argar. In that time, I have seen your dedication and determination. "The economic environment has changed rapidly since we set out the Growth Plan on 23 September. [Bank of England](https://www.cnbc.com/2022/10/14/uk-cliff-edge-arrives-as-bank-of-england-prepares-to-end-bond-buying.html) to intervene in order to [save pension funds from collapse](https://www.cnbc.com/2022/10/14/uk-cliff-edge-arrives-as-bank-of-england-prepares-to-end-bond-buying.html), and a spike in mortgage rates for prospective homeowners. Kwarteng cut short a visit to Washington on Thursday to fly back to London as government ministers scrambled to address the market chaos unleashed in recent weeks. - Kwarteng cut short a visit to Washington on Thursday to fly back to London as government ministers scrambled to address the market chaos unleashed in recent weeks.

STRICTLY SPEAKING, the chancellor of the exchequer—Britain's finance minister—is not in charge of his own department. The First Lord of the Treasury is the ...

Mr Kwarteng’s successor, Jeremy Hunt, is the sixth chancellor in just over three years. Gordon Brown, the longest-serving modern chancellor, spent ten years in the job before succeeding Tony Blair as prime minister. Mr Kwarteng’s chancellorship is the second shortest of modern times.

Kwarteng, a close ally of U.K. Prime Minister Liz Truss, has come under heavy criticism for his mini-budget which triggered a slump in the pound and other ...

After the initial indication that she and her government would push forward with the budget, Truss was [forced](https://www.forbes.com/sites/roberthart/2022/10/03/uk-ditches-tax-cuts-for-richest-amid-growing-backlash-and-market-mayhem/?sh=5c8220fa2efe) to climb down and scrap the planned tax cut for high earners after facing strong opposition from other members of her party. If implemented, the policy would have significantly increased government borrowing, something that spooked markets late September and caused the pound to [Liz Truss appoints Jeremy Hunt as UK chancellor ahead of tax cut U-turn](https://www.ft.com/content/63ac7dab-d8e4-412c-a910-c0013fdf7f3d) (Financial Times) [Liz Truss appoints Jeremy Hunt as chancellor after sacking Kwarteng](https://www.theguardian.com/politics/2022/oct/14/liz-truss-appoints-jeremy-hunt-as-chancellor-after-sacking-kwarteng) (The Guardian) The report notes that many of these senior lawmakers include former cabinet ministers who believe Kwarteng was simply carrying out Truss’ policies and therefore she should be the one who should have stepped down. Truss had vowed to enact sweeping tax cuts if she was voted into power, ignoring concerns that this would further fuel inflation. Late last month, Kwarteng unveiled a mini-budget that included tax cuts that would mostly benefit the wealthiest Britons along with other tax cuts, while also attempting to subsidize spiraling energy costs for households and businesses.

Prime Minister Liz Truss fires Chancellor Kwasi Kwarteng as she reverses course on sweeping tax cuts.

She has been under intense pressure to scrap some of the 43 billion pounds ($48bn) in unfunded tax cuts in the “mini budget”. Under the “mini budget”, the tax was due to be frozen at 19 percent. [Kwarteng](/news/2022/9/22/who-is-kwasi-kwarteng-and-what-is-his-plan-for-the-uks-economy) confirmed that he was asked to “step aside” as chancellor on Friday. “This is potentially an effort by the prime minister to reach across the aisle and try to secure some unity in her very troubled party.” Truss said she was acting to “reassure the markets of our fiscal discipline” and promised to press on with other aspects of her economic plan, saying, “I want to deliver a low tax, high wage, high growth economy.” Kwarteng’s departure comes after a month in the job — and three weeks after he announced a tax-cutting “mini budget” that sent the pound plunging to record lows against the US dollar.

Kwasi Kwarteng, the chancellor of the Exchequer, was fired on Friday by Prime Minister Liz Truss in a bid to end weeks of market turmoil.

“Even though we may have pulled back from the abyss,” she added, “we’re not in a positive position.” The pound was trading below $1.12, lower than where it was before the government’s policy statement on Sept. But then the pound weakened again after Ms. Truss would backtrack on some of the tax cuts, said Jane Foley, a strategist at Rabobank, and there was only a “teeny little” response to the dismissal of Mr. The British currency rose slightly after Ms. It was the fledgling government’s second major U-turn from the agenda it set out on Sept.

It comes after a month in the job - and three weeks after he announced a tax-cutting “mini budget” that sent the pound plunging to record lows against the ...

The housing market is likely to suffer a hammer blow from the jump in mortgage rates and the war in Ukraine rumbles on. Some reports suggest senior Conservatives are plotting to replace Truss with a joint ticket of Rishi Sunak and Penny Mordaunt, her two closest rivals in the summer contest for leadership of the party, though it’s unclear how that could be achieved. But her ability to deliver on that commitment is now in doubt. That would reduce the bill for her program by about 18 billion pounds a year. Senior members of the Conservative Party were publicly advising the government to take action. Truss is trying to restore order after three weeks of turmoil sparked by the government’s tax-cutting “mini budget.” The Sept.

LONDON — Britain's finance minister Kwasi Kwarteng said on Friday that he had resigned after Prime Minister Liz Truss asked him to stand aside as chancellor ...

I believe your vision is the right one. “It is important now as we move forward to emphasize your government’s commitment to fiscal discipline. “The economic environment has changed rapidly since we set out the Growth Plan on 23 September.

Kwasi Kwarteng was thrown out as Chancellor of the Exchequer after just 38 days, but he spent more than a decade promoting his small-state, low-tax vision ...

[@BloombergUK](https://twitter.com/BloombergUK) and on [Facebook](https://www.facebook.com/BloombergNewsUK/), and wrap up your day with [The Readout newsletter](https://www.bloomberg.com/account/newsletters/readout?itm_source=inline) with Allegra Stratton. Kwasi Kwarteng was thrown out as Chancellor of the Exchequer after just 38 days, but he spent more than a decade promoting his small-state, low-tax vision for the UK that proved his downfall -- and which may still cost Prime Minister Liz Truss her job as well.

Ms Truss is later expected to announce a U-turn on business tax cuts - a key Kwarteng policy - at a press conference later. Mr Kwarteng is the second shortest- ...

The Bank of England has been buying government bonds - known as gilts - to try to stabilise their price and prevent a sell-off that could put some pension funds at risk of collapse. Ms Truss's pledge to cut taxes was at the heart of the economic agenda that won her the Tory leadership at the start of September. [U-turned on her plan to scrap the top rate of income tax](https://www.bbc.co.uk/news/uk-63114279) and some Tory MPs believe another change of course is inevitable. Ms Truss is shortly expected to announce a U-turn on business tax cuts - one of her key policies. In a letter to the PM, Mr Kwarteng said her vision for economic growth was "right" and he still supported it. Kwasi Kwarteng has been sacked as chancellor amid intense speculation Prime Minister Liz Truss is about to junk key parts of their economic plan.

LONDON — British Prime Minister Liz Truss was propelled into high office by her bold promises to supercharge the country's flagging economy with big tax ...

23 announcement of the government’s new “Growth Plan,” which would be propelled by the “biggest package of tax cuts in generations,” caused the currency to tank and the central bank to step in to calm markets. Liz Truss’ reckless approach has crashed the economy, causing mortgages to skyrocket, and has undermined Britain’s standing on the world stage." Kwarteng lasted just 38 days in the job. I was shocked at how brutal it was.” Kwarteng, a free-marketeer and zealous Brexiteer, flew home to London from Washington earlier on Friday, as British newspapers tracked his flight. Well-to-do Brits pay a top rate of 45 percent on annual income over £150,000 ($168,000). “It is important now as we move forward to emphasize your government’s commitment to fiscal discipline.” He now becomes Britain’s fourth chancellor in four months, taking over economic policy portfolio at a moment the Bank of England is forecasting a recession this winter. Hunt lost the Conservative Party leadership race to Boris Johnson in 2019. She has been in office for less than six weeks. In that contest, he favored cutting corporate taxes. Britain’s top stock index, the FTSE 100, was essentially flat.

In a move to calm financial markets and her own Conservative Party, Prime Minister Liz Truss canceled planned tax cuts for corporations and replaced Kwasi ...

That [prompted the Bank of England](https://www.npr.org/2022/09/29/1125859448/the-british-economy-is-in-freefall-with-a-rare-intervention-by-the-bank-of-engla) to step in to prevent a crisis. As confidence and anticipation have grown for further changes, the pound inched up in value on Thursday and bond markets stabilized some. [record low](https://www.npr.org/2022/09/26/1125080014/british-pound-record-low-dollar) against the dollar. "When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices," Kwarteng said in his departure letter. He and Truss held urgent talks in Downing Street shortly after his return to London. Then hours later, she announced a U-turn on their economic package, attempting to calm financial markets and reinforce her shaky leadership position little more than a month after taking office.

LONDON — British Prime Minister Liz Truss said on Friday that Kwasi Kwarteng had put the national interest first by resigning as finance minister after ...

I have no doubt you will continue to make a major contribution to public life in the years ahead.” “You have set in train an ambitious set of supply side reforms that this Government will proudly take forward. Article content

The chancellor and prime minister were determined to take radical action in pursuit of economic growth. It didn't matter if parts were unpopular, they would do ...

It is hard to think of a political gamble which has backfired more - or a political relationship which has collapsed more quickly. In the meeting with Ms Truss, his cabinet career was brought to a swift end. Instead, he accepts the government needs to do more emphasise its commitment to balancing the books. Some have told me they are pleased with the appointment of Jeremy Hunt as chancellor. But after just five weeks, the government's economic strategy lies in pieces. There is little sign Mr Kwarteng thinks he or the prime minister got the ideology wrong. The chancellor and prime minister were determined to take radical action in pursuit of economic growth. Those close to the chancellor also portrayed him as politically stubborn; once he had made up his mind he would stick with the plan. Mr Kwarteng's allies briefed that their relationship was solid; that he saw his job simply as delivering the prime minister's vision for a low tax economy. But key elements of the strategy proved too unpopular for the markets and for Tory MPs. Soon came open revolt, with senior Conservatives openly criticising the decision to scrap the 45p additional tax rate. Just three weeks ago, in the poorly named mini-budget, he ripped up years of Conservative economic strategy.

Sterling fell, FTSE 100 lost its gains and bond yields rose after PM's press conference failed to announce new direction.

It suggests there was a drop in demand for emergency cash from certain pension funds that last month were at risk of collapse. The writing was on the wall when markets surged in anticipatory delight on the news that another post-budget U-turn was imminent and moves on corporation tax have gone a long way to bolstering sentiment today. Government bonds rallied before she spoke, pushing yields – the interest rate in relation to the price of the bond – sharply lower. We’re awaiting answers and in some ways I’m surprised the markets haven’t reacted more negatively.” Sterling fell 1.3% to $1.1188 on a rollercoaster day for the currency. However, the prime minister’s appearance erased almost all of its advance in afternoon trading, with the blue chip index up just 8 points at 6,858 on the day.

Chancellor makes early return from IMF meeting in Washington amid rumours around his job and that of prime minister Liz Truss.

The growth plan (is) the centrepiece, but we’ll have to see some of the detail including a full forecast from the Office for Budget Responsibility on the 31st of October. The government will make responses as appropriate as events happen, but the absolute commitment is to publish the medium-term fiscal plan. He’s coming back for discussions with colleagues, we obviously have the medium-term fiscal plan coming up on 31 October, so just in a couple of weeks’ time. But that’s not to say that we can’t reset and I think there is the time to do that. He said he hopes Kwarteng is flying home from the US early to have conversations with Liz Truss and row back on tax cuts. It was more likely to lead I’m afraid in the kind of lack of confidence that’s been in the markets over the last few weeks. The fact that people were speculating about the prime minister’s leadership this early in her premiership is not ideal but I think he’s just got to bite the bullet. It quoted one senior Tory as saying that a “coronation won’t be that hard to arrange”. Markets have seen some stabilisation on the news of a potential U-turn, Stride told BBC Breakfast. “It is quite unusual for this to happen,” he said. Weighed down by huge global problems, Callaghan told reporters at Heathrow “I don’t think other people in the world would share the view that there is mounting chaos.” Beleaguered chancellor Kwasi Kwarteng’s sudden return to London recalls the troubles faced by prime minister James Callaghan in January 1979.

Il a été remplacé par Jeremy Hunt dans la foulée. La première ministre du Royaume-Uni, Liz Truss, doit tenir vendredi une conférence de presse, ...

Vendredi, le président de la commission du Trésor au Parlement, Mel Stride, a plaidé pour une révision rapide de son « mini-budget ». « Votre vision d’optimisme, de croissance et de changement était la bonne », poursuit-il, répétant que « le statu quo n’est pas une option ». « Je suis absolument déterminée à tenir la promesse que j’ai faite d’obtenir une croissance plus forte, un Royaume-Uni plus prospère, et de sortir de la tempête que nous traversons », a martelé la cheffe du Parti conservateur.

Le Royaume-Uni est coincé dans une crise économique et politique. La Première ministre Liz Truss, dont le plan budgétaire n'a pas convaincu, est aussi sur ...

Ce vendredi, le président de la commission du Trésor au Parlement Mel Stride a plaidé pour une révision rapide de son « mini-budget ». « Faites-le maintenant », a-t-il conseillé au ministre des Finances qui était toujours en poste, « et assurez-vous que ce soit significatif, ferme, audacieux et convaincant ». Alors que le congrès conservateur avait déjà été marqué au début du mois par les tensions et dissensions internes, certains élus conservateurs évoquent désormais en privé des noms pour remplacer Liz Truss. Liz Truss a finalement a annoncé son renoncement à son projet de ne pas augmenter l’impôt sur les sociétés comme l’avait prévu le précédent gouvernement. L’annulation d’une hausse prévue de l’impôt sur les sociétés est notamment dans le collimateur. Une nouvelle volte-face sur son paquet de mesures économiques, afin de « rassurer les marchés ». Vous avez été un ministre des Finances dans des temps difficiles », lui a répondu la Nous partageons la même vision de notre pays et les mêmes convictions fermes pour la croissance. Jeremy Hunt, député et ancien secrétaire d’État des Affaires étrangères et du Commonwealth de 2018 à 2019 a été chargé de le remplacer, comme l’a rapidement confirmé Downing Street. « Nous avons été des collègues et des amis pendant de nombreuses années. « L’environnement économique a rapidement changé depuis que nous avons annoncé notre plan budgétaire le 23 septembre », a-t-il souligné. Au moment de son éviction, la livre plongeait face au dollar dans un marché ultra-volatil.

L'ultralibéral de 47 ans, très proche de la Première ministre de Liz Truss, a été démis de ses fonctions ce vendredi. La veille, il assurait pourtant que ...

Polyglotte et érudit - il se piquerait d’écrire de la poésie en latin - passionné d’histoire et de musique, le Chancelier est aussi fan de cricket. Il a travaillé comme analyste financier, chroniqueur dans la presse, avant d’être élu député de Spelthorne, au sud-ouest de Londres, en 2010. Fils d’immigrés du Ghana arrivés au Royaume-Uni dans les années 60, celui qui était avant son arrivée au Trésor et depuis janvier 2021 ministre des entreprises, de l’industrie et de l’énergie, était le premier Chancelier de l’Echiquier noir du pays. Son plan budgétaire fait de baisses d’impôts et d’aides énergétiques a fait plonger fin septembre la livre sterling à son plus bas historique et fait flamber les taux d’emprunt de l’Etat britannique. [Pour Liz Truss, c’est déjà la fin de la love Tory](/international/europe/pour-luz-truss-cest-deja-la-fin-de-la-love-tory-20221003_B426NBQTPJCRVLQORSGFNSPPYA/) A peine plus d’un mois après son entrée en fonction, cet ultralibéral de 47 ans fait les frais d’un «plan de croissance» massif et mal financé qui a semé la panique sur les marchés.

Kwasi Kwarteng signe le deuxième plus court passage au ministère des Finances depuis la Deuxième guerre mondiale, après Iain Macleod, décédé un mois ...

Il est marié à une avocate, Harriet Edwards, avec qui il a eu une fille l'an dernier. M. Il "est le bouc émissaire des erreurs du gouvernement" résume à l'AFP Tony Travers, professeur à la London School of Economics (LSE). Les marchés s'étaient quelque peu repris après des interventions successives de la Banque d'Angleterre, mais restaient très nerveux. Tous deux sont voisins à Greenwich, au sud-est de Londres. Vu son parcours, M.