UK: Kwasi Kwarteng sacked
Kwasi Kwarteng is no longer chancellor, the BBC understands.
It comes amid speculation Truss will today announce a U-turn on parts of the mini-budget.
t means Kwarteng is the second shortest-serving UK chancellor on record.
The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.
Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days - the fourth shortest tenure since the Second World War.
Pound falls sharply on Kwarteng news
The value of the pound has fallen sharply in the past half an hour after reports emerged that Kwasi Kwarteng is no longer chancellor.
Sterling is now back below $1.12, trading 1.3% lower than it was.
The pound rallied strongly yesterday after rumours of a planned U-turn on elements of Kwarteng’s so-called mini-budget.
Kwarteng confirms he was asked to 'stand aside'
Kwasi Kwarteng - who is out of his job as the UK's chancellor - has just confirmed that he was sacked by Prime Minister Liz Truss rather than choosing to leave.
He's tweeted a letter confirming the news, saying he was "asked to stand aside".
— Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022
Source: BBC
Trending News
New train crashes on test run
20:35'No one above the law!': Court orders CID boss' arrest for 'blatant' disregard of summonses
01:47Gov't invites proposals from private partners to complete Saglemi housing project
13:53Bawumia visits Madina market Friday
15:23Mahama to form joint army-police anti-robbery squads to safeguard 24-hour economic activities
19:38PNC's cracks deepen as 11 of 16 national executive members resign to form new party
13:50Man allegedly shoots wife in Adaklu
15:01New F. Alpha and Omega Specialist Hospital offers free healthcare to locals in Accra
14:59Man held for robbing late vice president's widow of ₵28,000, £50, and $2,200 at gunpoint
13:06‘I can only thank you for your dumsor patience’ – Akufo-Addo to Ghanaians
14:50