Kwasi Kwarteng sacked as United Kingdom's Chancellor of the Exchequer

Kwasi Kwarteng is no longer the United Kingdom's Chancellor of the Exchequer.As Liz Truss, the Prime Minister struggles to preserve her beleaguered premiership, the minister has as per reports been sacked.

As speculation grewabout a possible government u-turn on parts of the recently announcedmini-budget in order to calm the markets, Kwarteng who was in the USreturned earlyfor "urgent discussions" with Prime MinisterTruss, reports the BBC.

Kwartenghad just on Thursday declared he was "not going anywhere" despite market turbulence over the government's contentious economic policies.

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In a statement published by the now ex-chancellor, he confirms that he was "asked to stand aside."

He further writes "AsI have said many times in the past week, following the status quo was simply not an option. For too long the country has been dodged by low growth rates and high taxation - that must change if this country is to succeed."

pic.twitter.com/4nvtyGWCoA — Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022

He will now go down in history as the UK chancellor with the second-shortest tenure.Iain Macleod, who passed away from a heart attack 30 days after taking the position in 1970 is the chancellor with the shortest tenure.

Kwarteng'sreplacement, who will be Britain's fourth finance minister this year, was not immediately announced reports AFP.

Following the news, the pound continued to decline in currency markets.Investors jumped on news that Finance Minister Kwasi Kwarteng had been fired for his debt-fueled budget.

The value of the pound fell 1.1 per cent to $1.1199.

(With inputs from agencies)

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