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Kwasi Kwarteng sacked as Chancellor as Truss attempts to regain initiative over the economy

14 Oct 2022 3 minute read
Chancellor of the Exchequer Kwasi Kwarteng (second left) arrives at London Heathrow Airport. Photo Andrew Matthews PA Images

Kwasi Kwarteng has been sacked as Chancellor, after returning to London early from a visit to the International Monetary Fund’s annual meeting in Washington.

The Prime Minister is set to hold a press conference later on Friday.

Mr Kwarteng’s dismissal and a widely expected U-turn on scrapping the corporation tax rise would be part of an effort to reassure markets after the mini-budget turmoil, according to the newspaper.

Prime Minister Liz Truss’s press conference will come amid intense speculation that she will dismantle key elements of their controversial mini-budget, with the scrapping of the planned rise in corporation tax widely expected to be ditched.

Happier times: Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng. Photo Dylan Martinez PA Images

Shadow Secretary of State for Climate Change Ed Miliband meanwhile said the Conservative Party should be “hanging its head in shame” over the ructions in the UK economy.

“This is a Government in meltdown and an economic policy in tatters and frankly I think the Conservative Party should be hanging their head in shame at what it’s putting the country through. This is about people’s livelihoods, people’s homes, people’s mortgages,” he told Sky News.

He added: “You have a Government that embarked on a strategy of saying: ‘Lets have massive tax cuts for the richest in society, for big corporations, so-called trickle-down economics’, which isn’t going to work, and also they’re trashing the economic institutions of this country, like the Office for Budget Responsibility.

“That is why the markets have reacted as they have, that’s why there’s been such a loss of confidence in the Government and the Government’s economic policy and that’s why the budget has got to be ripped up.”

Mr Miliband also said: “I think people will be furious that the Government are taking people for fools.

“It is not a global phenomenon, there’s no other finance minister who is rushing back on a aeroplane early from the IMF meetings, there’s no other countries where its central bank have had to have an emergency buying spree, there’s no other country where it’s economic policy is falling apart at the seams.

“This is a collective meltdown on the part of the government and the people of the British public deserve so much better than what this government re putting this country through.”


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Brian
Brian
1 month ago

Wow, at last Labour are finally baring their teeth – they’ve been bent over for the last twelve years.

Y Tywysog Lloegr a Moscow
Y Tywysog Lloegr a Moscow
1 month ago

Under the bus you go Kamikwasi!
Bring forward the next scapegoat!
You have to wonder who, in this shallow pool of no-talent Brexiteer ideologues would be stupid enough to take a job from this lame duck. But hey! They were stupid enough to support Brexit so there MUST be a few deluded arrogant morons who fancy their chances. Perhaps one of these:-

  1. Priti Evil would salivate at the chance of spreading misery to more people
  2. Cruella Braverman?
  3. Nadine the attack dog Dorris?
  4. Smoggy?
  5. No-Mark Francois?
  6. Miss Jamie Wallis?
  7. Andrea Leadsom?
Last edited 1 month ago by Y Tywysog Lloegr a Moscow
Ihumphrys
Ihumphrys
1 month ago

Deep State will now get rid of Truss asap, and install Starmer. To think this is a plus, is to also believe in the tooth fairy.

Y Tywysog Lloegr a Moscow
Y Tywysog Lloegr a Moscow
1 month ago
Reply to  Ihumphrys

Let the Unionists tear themselves apart. Who cares? All we need do is survive it. But invoking this deep state nonsense to demonise Starmer is a bit disingenuous. Labour or Tory the result is the same apart form some window dressing. Nothing in it for Cymru either way. There is no deep state. There are lots of cabals looking to defraud us and to drive their personal ideologies onto us for certain. But their poor attempts are obvious to any who care to notice. An ACTUAL deep state would not be this incompetent. Most of the elements of the “master… Read more »

Last edited 1 month ago by Y Tywysog Lloegr a Moscow
Cwm Rhondda
Cwm Rhondda
1 month ago

She’d throw her own granny on the fire to keep herself warm.

Y Cymro
Y Cymro
1 month ago

What an utter Tory shambles? Unionism personified. I thought Boris Johnson was a bad enough but Liz Truss is worse. And unlike Boris Johnson who had the knack of avoiding scrutany by either hiding, openly lying, or waffling his way through interviews by clowning around like a man-child, robotic Truss not only lacks his gift of the gab and slippery eel ability, but is also void of personality to bamboozle the same politically ignorant voters who fell for Johnson’s Benny Hill routine. With Kwasi Kwarteng sacking some might say Truss is ruthless, call her Thatcher-like for her decisiveness, but this… Read more »

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