December 7, 2022

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Liz Truss sacked British Chancellor of the Exchequer Kwasi Quarting. It will be replaced by Jeremy Hunt- Corriere.it

Kwasi Quarting, Treasury Secretary, sacked a few weeks later: Pays for the chaos that followed the announcement of his tax plan

Les TrussBritish Prime Minister, has sacked Quasi Quarting, Chancellor of the Exchequer. To write it, in anticipation of the official announcement, it was BBC On the morning of Friday 14 October. Kwarteng will be replaced by Jeremy Hunt.

47-year-old Kwarteng, The first holder of treasury and treasury of African descent in British historyAlmost elapsed after 40 days since the birth of the new government to succeed Boris Johnson. His dismissal, as Reuters notes, is the fastest for a finance minister since 1970; The same source indicates that his successor will be the fourth owner of this major platform within 4 months – a Ferris wheel that makes dealing with the ongoing price crisis even more chaotic.

It was destined to cause resignation financial and political storm – After the mini-budget maneuver was announced for the first time, with the imprint of excessive laissez-faire, Truss launched.

In the maneuver, announced by Kwarteng in Parliament last September 23, significant tax cuts were expected – financed by the deficit, despite inflation, the global crisis and rising rates.

according to developments financial timesTruss will announce Quarting’s resignation this afternoon, and at the same time he must do so Another turn Compared to the economic program announced on the occasion of the publication of the mini-budget.

Quarting, who was in Washington yesterday for the IMF and World Bank work, rushed back to London in the last few hours, and headed straight for Downing Street.

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The more than £40 billion plan has resulted in not enough financial backing in the past few weeks earthquake in the market This caused a sharp drop in the British pound, forcing the Bank of England to intervene in massive purchases of government bonds.

Among the measures that Truss could cancel today is a cut in corporate tax that was calculated at a value of 18 billion pounds: Kwarteng was planning to cancel an increase in the rate planned for next April from 19% to 25%.

The article is being updated…

Oct 14, 2022 (changed Oct 14, 2022 | 15:26)