"However, your vision of optimism, growth and change was right." "When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices," Kwarteng said in his departure letter. He and Truss held urgent talks in Downing Street shortly after his return to London. Kwarteng had to depart early from Washington, D.C., Thursday evening, where he had been meeting with counterparts at the International Monetary Fund. The two met this morning over finance policy. Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit a construction site in Birmingham earlier this month. Truss' course correction comes as her administration has sustained mounting criticism from opposition politicians and legislators within her own party, as well as international economists and investors who have continued to divest themselves of British assets. She announced she was canceling a proposed corporation tax cut, a central part of the new government's economic plan that created turmoil in British politics and financial markets and sent the pound plunging late last month. Shortly after sacking the finance minister, Truss held a news conference at Downing Street, and appeared visibly nervous, saying, "We need to act now to reassure the markets of our fiscal discipline." The government said former Health Secretary Jeremy Hunt is taking over as chancellor of the Exchequer, the United Kingdom's treasury. Then hours later, she announced a U-turn on their economic package, attempting to calm financial markets and reinforce her shaky leadership position little more than a month after taking office. LONDON - British Prime Minister Liz Truss fired her finance minister and close ally Kwasi Kwarteng.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |