British Finance Minister Kwarteng has been dismissed
British Prime Minister Truss has fired her finance minister, Kwasi Kwarteng. Kwarteng confirmed this on Twitter after British media reported it. Kwarteng was only 37 days in office.
Prime Minister Truss will hold a press conference at 15:00 (Dutch time). It should go to their much-criticized budget and tax plans. She is expected to adjust those plans drastically. Nothing is known about Kwarteng’s successor.
Kwarteng returned from the United States this morning. In the early afternoon he entered 10 Downing Street, the Prime Minister’s office.
The political developments coincide with the UK central bank halting its purchases of government bonds. With this emergency measure, the bank has supported the financial markets in the past few weeks until today. With the ‘artificial respiration’ gone, the question is whether the turmoil in UK financial markets will return.
Source: NOS
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