UK finance minister Kwasi Kwarteng arrives at London Heathrow Airport after travelling from the US ahead of schedule for urgent talks with Prime Minister Liz Truss as expectations grow that they will scrap parts of their mini-budget to reassure markets.
Truss is to sack Kwarteng, The Times of London reported without citing a source. It is not yet clear who will replace him, the newspaper added. The move would come as Truss plans to roll back at least parts of her economic plans. Attention has focused in recent days on whether she’ll cancel plans to freeze corporation tax next year, instead of raising it as previously planned.
Truss’s office said she will hold a press conference later on Friday, without providing any further details.
UK PM Liz Truss to unchain her Chancellor Kwasi Kwarteng for the turmoil in the markets caused by his botched mini-Budget?
Won't happen.