UK Prime Minister Liz Truss has fired her Finance Minister Kwasi Kwarteng amid a tattering economic plan. – AFPpix, October 14, 2022: British Prime Minister Liz Truss dismissed her finance minister today, forcing Kwasi Kwarteng to carry the can for turmoil sparked by her right-wing economic platform as restive Conservatives plotted her own demise.
Financial upheaval sparked by the new government’s September 23 plan to slash taxes – financed via billions in more borrowing – has subsided somewhat since the Bank of England intervened in bond markets. Kwarteng was due to have stayed in Washington this weekend to conclude annual meetings of the International Monetary Fund and World Bank, after earning a rebuke from IMF chief Kristalina Georgieva on the need for “coherent and consistent” policies.
The promised tax cuts were the centrepiece of Truss’s successful pitch to Tory party members that she rather than rival Rishi Sunak was the best candidate to replace Johnson.
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