Chancellor Kwasi Kwarteng sacked by Liz Truss after 38 days

Jeremy Hunt appointed as Kwarteng's replacement

Valeria Martinez
clock • 1 min read

Prime Minister Liz Truss has sacked chancellor Kwasi Kwarteng only 38 days after he assumed the position.

The news comes as Truss is set to announce yet another U-turn to Kwarteng's Mini Budget at 2pm today (14 October), according to multiple reports. The chancellor left the International Monetary Fund annual meetings early to return to the UK this morning.  The UK government is now poised to scrap plans to cut the corporation tax introduced in the Mini Budget. In his first parliamentary statement as chancellor last month, Kwarteng had pledged to scrap a corporation tax hike from 19% to 25% which had been scheduled for April next year by former chancellor Rishi Sunak.  The corporation tax...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England meets expectations with 25 basis point rate cut to 4.75%

Bank of England meets expectations with 25 basis point rate cut to 4.75%

'Continued progress' on disinflation

Valeria Martinez
clock 07 November 2024 • 2 min read
'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read