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Tuesday, Nov 29, 2022
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British finance minister fired over economic plan crisis

British finance minister fired over economic plan crisis

Britain's Prime Minister Liz Truss announced Friday finance minister Kwasi Kwarteng was sacked due to the financial crisis caused by his plan to cut taxes through government borrowing.
The move came 38 days after Kwarteng's appointment.

Truss affirmed in a tweet the appointment of former foreign minister Jeremy Hunt as the country's finance post.

Truss will hold a news conference later in the day to cancel some points included in Kwarteng's plan, BBC reported.

On September 23, Kwarteng's plan included 45 billion Sterling of tax cuts for those whose income is over 150,000 Sterling ($170,000) yearly.

This angered MPs of the ruling party, along with the opposition parties.

This reduction led to the devaluation of the pound against dollar to its all-low rate of $1.03.

As a result, central bank of Britain had to buy long-term bonds to solve this matter.
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