UK's First Black Minister Of Finance Sacked After 38 Days In Office
UK Prime Minister Liz Truss has fired Chancellor of the Exchequer (Finance Minister) Kwasi Kwarteng, the first black person to hold the portfolio, and replaced him with former Secretary of State for Foreign and Commonwealth Affairs, Jeremy Hunt.
Kwarteng, who held the portfolio for only 38 days, cut short a trip to the United States and met Truss for crunch talks in Downing Street.
Truss is expected to announce a U-turn on business tax cuts at a news conference in Downing Street on Friday afternoon.
In a letter to the Prime Minister, Kwarteng said he still supported Truss’ vision for economic growth. He wrote:
You have asked me to stand aside as your Chancellor. I have accepted.
When you asked me to serve as your Chancellor, I did so in the full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices.
However, your vision of optimism, growth and change was right.
As I have said many times in the past weeks, following the status quo was simply not an option.
For too long this country has been dogged by low growth rates and high taxation – that must still change if this country is to succeed.
The economic environment has changed rapidly since we set out the Growth Plan on 23 September.
In response, together with the Bank of England and excellent officials at the Treasury, we have responded to those events, and I commend my officials for their dedication.
It is important now as we move forward to emphasise your government’s commitment to fiscal discipline.
The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.
We have been colleagues and friends for many years. In that time, I have seen your dedication and determination.
I believe your vision is the right one. It has been an honour to serve as your first Chancellor.
Your success is this country’s success and I wish you well.
