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Friday, December 2, 2022

British Prime Minister Truss Sacks Finance Minister

By Agency Report

Britain’s Prime Minister, Liz Truss, has announced the sacking of the country’s Finance Minister, Kwasi Kwarteng, due to the financial crisis caused by his plan to cut taxes through Government borrowing.

The move is coming 38 days after Kwarteng’s appointment.

Truss affirmed in a tweet the appointment of former Foreign Minister, Jeremy Hunt, as the country’s Finance post.

Truss will hold a news conference later to cancel some points included in Kwarteng’s plan, BBC reported.

On September 23, Kwarteng’s plan included 45 billion Sterling of tax cuts for those whose income is over 150,000 Sterling ($170,000) yearly.

This angered MPs of the ruling party, along with the opposition parties.

This reduction led to the devaluation of the pound against dollar to its all-low rate of $1.03.

As a result, Central Bank of Britain had to buy long-term bonds to solve the problem. – Agencies

 

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