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#AceNewsRoom With ‘Kindness & Wisdom’ Oct.14, 2022 @acebreakingnews
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#AceBreakingNews – Kwasi Kwarteng sacked as Chancellor by Liz Truss amid mini-budget pressure according to GB News Aden-Jay Wood Digital Producer
Kwasi Kwarteng returned to the UK from the US a day earlier than planned on Friday
friday 14 October 2022 – 13:06
Kwasi Kwarteng has been sacked as Chancellor by Liz Truss following growing calls for a U-turn on his controversial mini-budget.
Mr Kwarteng flew back to London on Friday for crisis talks after cutting short a visit to the International Monetary Fund’s annual meeting in Washington.
It follows days of turmoil in the markets amid concerns about the impact of his £43 billion tax giveaway on the public finances.
Before he left the US, Mr Kwarteng answered “absolutely 100 percent” when asked if he will be in office in a month, adding: “I’m not going anywhere.”
Kwasi KwartengStefan Rousseau
Prime Minister Liz Truss and Kwasi KwartengStefan Rousseau
The markets, meanwhile, were calmer in early trading after reports that a major climbdown is being prepared helped settle nerves among investors.
Mr Kwarteng initially insisted he stood by his economic growth plan and would be setting out how he intends to get public finances back on track in a statement on October 31 as planned.
But with few MPs believing he can afford to wait that long, he later said “let’s see” when asked if he could ditch his promise on corporation tax.
The commitment to scrap the planned increase in the levy on corporate profits from 19 percent to 25 percent is widely seen as likely to be the first element to go if the expected U-turn goes ahead.
After sacking Mr Kwarteng, Ms Truss is to hold a press conference later on Friday amid speculation of a major U-turn.
More to follow…
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