British Finance Minister Kwasi Kwarteng has been sacked from office after less than six weeks in the role.
Mr Kwarteng, who traces his roots to Ghana, was sacked by UK Prime Minister Mary Elizabeth Truss on Friday, October 14, 2022, amidst the government’s tax cuts believed to have sparked financial market turmoil.
This makes Kwarteng Britain’s shortest-serving Chancellor since 1970, and his successor would be the UK’s fourth finance minister in as many months as the nation grapples with a cost-of-living crisis.
Kwasi Kwarteng had announced a new fiscal policy on September 23, delivering Truss’ vision for vast tax cuts and deregulation to try to shock the economy out of years of stagnant growth.
This is said to have caused panic in the financial market as the Bank of England intervened to prevent pension funds from being caught up in the chaos, as borrowing and mortgage costs surged.
The two have since been under pressure to reverse course, as polls showed dwindling support for their Conservative Party, prompting colleagues to openly discuss whether they should be replaced.
In a letter reacting to his dismissal, Mr Kwarteng said, “You have asked me to step aside as your Chancellor. I have accepted.
“When you asked me to serve as your Chancellor, I did so in the full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.
“We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first Chancellor.”
Kwasi Kwarteng was appointed the first black Finance Minister in Britain, otherwise known as UK Chancellor of the Exchequer, by Prime Minister Liz Truss on September 6, 2022.
Until this fresh appointment, Mr. Kwarteng was the Secretary of State at the Department of Business, Energy and Industrial Strategy, having served in his previous role as Minister of State of the same Department.