UK Prime Minister Liz Truss has sacked finance minister Kwasi Kwarteng and made a U-turn on the recently announced mini-budget.
On Sept. 23, the Chancellor of the Exchequer Kwasi Kwarteng announced a mini-budget that pledged billions of tax cuts funded by borrowing.
The plan sent the financial markets into turmoil as the pound fell against the dollar, and the Bank of England intervened due to UK’s soaring borrowing costs.
Kwarteng is now taking the fall for the disaster and will be replaced by former health and foreign secretary Jeremy Hunt.
London has now appointed its fourth Chancellor of the Exchequer in as many months.
