Kwarteng, country’s shortest-serving Chancellor since 1970

[{"selector":"#anim-18cc14a6-304f-4f17-a213-0f4aad4c1adb","keyframes":[{"transform":"rotate(-540deg) scale(0.1)","opacity":0},{"transform":"none","opacity":1}],"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both","iterations":1}] October 15, 2022

Liz Truss sacked Finance Minister Kwasi Kwarteng on Friday just before she is expected to scrap parts of their economic package in a desperate bid to survive the market and political turmoil.

[{"selector":"#anim-48519133-47c5-4bde-8e90-597fc54ce2c1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-19334421-22ae-4052-8515-9a3b440b10f0","keyframes":{"transform":["translate3d(105.62061%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-a28d3a70-304f-48c8-bf3c-a7444e7ff0cf","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Learn more

Kwarteng said he resigned at Truss' request and also shared his resignation letter on Twitter.

[{"selector":"#anim-d5c7c25f-baed-44cc-84bb-ca1a0154b3bd","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-cad384c5-3729-476a-b61c-df9f5f123c5d","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-bdc8bc26-410f-4b6d-b77e-568229e72d82","keyframes":{"transform":["translate3d(103.65534%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-07a5b689-3b7a-44fc-92d4-19cb4aea3dd1","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

He wrote in the letter “You have asked me to stand aside as your Chancellor. I have accepted.”

[{"selector":"#anim-b2db80b2-fe69-48e5-9c50-a378ce4d64a1","keyframes":{"transform":["translate3d(132.56706%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e6a96bb1-6af9-4b33-a05c-9f0b7db3d60d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1efb3d10-746f-476d-959c-b27672480931","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-d9a1fa62-46e9-4421-ae02-8b36f5b86a4a","keyframes":{"transform":["translate3d(112.53263%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-796c8acd-f269-46df-8865-bc838d4b6cd6","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

Kwarteng is the shortest-serving chancellor since 1970.

[{"selector":"#anim-34ebdde8-8e5a-457c-8a28-64c7e4ea34b0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef3647da-e80e-4dc6-ab59-80ec7a6637a7","keyframes":{"transform":["translate3d(0px, 101.10241%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

To replace Kwarteng, Truss has appointed Jeremy Hunt, former foreign and health secretary.

[{"selector":"#anim-ae90ce88-87a7-4f89-8e30-cb1ba87bd733","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b9b27438-d907-4cd1-ae63-9ac62b9d1b6d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2fec69f2-9252-45b4-84d8-87ac0faeb126","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Truss came to power last month with promises of deep tax cuts and deregulation to shock the economy after years of sluggish growth.

[{"selector":"#anim-4f6295ab-7528-4015-8fc1-44797fc1a8c9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-78d8164b-6526-4c5d-98c8-f92e16fdc803","keyframes":{"transform":["translate3d(117.08186%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f2a7cc41-72e0-4a3d-9f6f-a27730c409ed","keyframes":{"transform":["translate3d(103.13316%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-df94af70-441d-47f8-a603-916bdd7c85f1","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Learn more

While Kwarteng aimed to deliver that vision but borrowing and mortgage costs rose.

[{"selector":"#anim-9b55a37c-9365-409d-89cb-5afc4ec62ef3","keyframes":[{"transform":"rotate(-540deg) scale(0.1)","opacity":0},{"transform":"none","opacity":1}],"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both","iterations":1}] [{"selector":"#anim-f6413854-405b-4c70-96bc-5a46f91e1933","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-51215229-14e8-4d68-a6cc-c6a2120037b0","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-f5dad327-a956-4a14-8ed4-f885ca03ed1e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aedbe9af-8cea-405c-93fa-1459045f564a","keyframes":{"transform":["translate3d(123.13168%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Read More Stories