Connect with us

Hi, what are you looking for?


UK Finance Minister Kwasi Kwarteng sacked

UK Finance Minister Kwasi Kwarteng sacked

Three weeks after the presentation of the state budget, the British Minister of Finance is about to leave.

The British-born Ghanaian minister Kwasi Kwarteng announced his resignation on Friday in a letter to Prime Minister Liz Truss which he tweeted: “You asked me to step down as Chancellor of the Exchequer, I have accepted,” he says in this letter.

however, at a hastily arranged news conference, Liz Truss said she was acting to “reassure the markets of our fiscal discipline.” Truss also fired Kwasi Kwarteng as Treasury chief, replacing him with the former Cabinet minister Jeremy Hunt.

Truss is trying to restore order after three weeks of turmoil sparked by the government’s tax-cutting “mini-budget.”

The Sept. 23 statement sent the pound plunging to record lows against the dollar and led the Bank of England to step in to prevent a wider economic crisis.

He thus becomes the UK’s fourth finance minister in the space of a year.

Travelling to Washington, the Minister of Finance cut short his stay to return to London this Friday. Liz Truss held meetings on Thursday afternoon in Downing Street to discuss the tax cuts announced on September 23.

“Your optimistic vision, in favour of growth, and change was the right one. As I have said many times in recent weeks, it was simply not possible to continue the status quo,” Kwasi Kwarteng wrote in his letter.

He acknowledges that “it is important now to turn the page to emphasize your government’s commitment to fiscal discipline. »

Asked the day before at the IMF meeting in Washington, Kwasi Kwarteng had remained evasive about a possible change in fiscal direction. But he had ruled out resigning. “I’m not going anywhere else,” he replied.


There is a good reason why you should support the African Editors. Not everyone can afford to pay for news right now. That is why we keep our journalism open for everyone to read, including in Ghana. If this is you, please continue to read for free. But if you are able to, then there are three good reasons to support us today.

1. Our quality, journalism is a scrutinising force at a time when the rich and powerful are getting away with more and more.

2. We are independent and have no billionaire owner pulling the strings, so your money directly powers our reporting.

3. It doesn’t cost much, and takes less time than it took to read this message.

Help power the African Editors' journalism for the years to come, whether with a small sum or a larger one. If you can, please support us on a monthly basis from just 1 Ghana Cedi through mobile money number: 0599896099/ +23359989609 and you can be rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.

Click to comment

Leave a Reply

You May Also Like


Neglected tropical diseases rising in E/R- GHS Eastern Regional Health Directorate says there is disturbing increase in cases of neglected tropical Diseases in the...


At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos.


Kagame Tells Europe that Africa Doesn’t Need Adult Supervision but Fair Trade.    There is a good reason why you should support the African...


Daasebre Oti Boateng introduces Root-Based Model to Akufo-Addo, Bawumia, commends them for 2021 Census & Covid-19 fight Omanhene of New Juaben, Chancellor of All...

Copyright © 2023, Ltd was developed by Wordswar Technology & Investment, Inc. Contact us on +233246187160

%d bloggers like this: