Kwasi Kwarteng has been sacked after his disastrous mini-budget triggered market turmoil, despite a bailout of pension funds and rising mortgage rates, Downing Street confirmed. Prime Minister Liz Truss also signed off an array of unfunded tax cuts in the mini-budget last month, is intending to get Kwarteng to “carry the can” over her climb down and take the hit from U-turn over mini-Budget, as she sought to calm the markets and the nerves of Jittery Tory MPs. Kwarteng only returned early from the International Monetary Fund meeting in the US to discuss further U-turns in the budget, after a move to drop the 45p tax rate failed to calm the economic situation. Boris Johnson failed our country and now Liz Truss has broken our economy.
Kwasi Kwarteng is the shortest serving chancellor post-war lasting only 38 days, Iain Macleod lasted 30 days as he died in office,, Nadhim Zahawi lasted 63 days as caretaker chancellor, and Sajid Javid 204 days, Peter Thorneycroft 358 days.
Jeremy Hunt was named as the new Chancellor.