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- Mar 4, 2010
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Liz Truss has sacked Kwasi Kwarteng as chancellor following the disastrous reception to last months’ tax-cutting budget.
The decision comes after unfunded tax cuts unveiled in the fiscal statement saw the Pound tank and the price of mortgages and government debt surge.
On Thursday Mr Kwarteng had assured reporters that he was “100 per cent” going to be continuing in the job.
But later that day he cut meetings at the IMF short and urgently flew back to Westminster for discussions with Downing Street.
The prime minister, who pledged most of the policies in the budget during her Tory leadership campaign, immediately faced accusations that she is making Mr Kwarteng carry the can for policies she herself proposed.
"No attempt to pass the buck can disguise the fact that Liz Truss is up to her neck in this,” said Kirsten Oswald, the deputy leader of Scottish National Party MPs at Westminster.
More: Liz Truss sacks Kwasi Kwarteng as chancellor
The decision comes after unfunded tax cuts unveiled in the fiscal statement saw the Pound tank and the price of mortgages and government debt surge.
On Thursday Mr Kwarteng had assured reporters that he was “100 per cent” going to be continuing in the job.
But later that day he cut meetings at the IMF short and urgently flew back to Westminster for discussions with Downing Street.
The prime minister, who pledged most of the policies in the budget during her Tory leadership campaign, immediately faced accusations that she is making Mr Kwarteng carry the can for policies she herself proposed.
"No attempt to pass the buck can disguise the fact that Liz Truss is up to her neck in this,” said Kirsten Oswald, the deputy leader of Scottish National Party MPs at Westminster.
More: Liz Truss sacks Kwasi Kwarteng as chancellor