UK’s Kwarteng out as Truss plans ‘mini budget’ U-turn

DEVELOPING STORYDEVELOPING STORY,

Prime Minister Liz Truss fires Chancellor Kwasi Kwarteng ahead of expected U-turn on tax cut package.

British Prime Minister Liz Truss has dismissed her chancellor ahead of an expected announcent on changes to an economic package that triggered turmoil in financial markets.

Kwasi Kwarteng confirmed that he was asked to “step aside” on Friday.

“You have asked me to stand aside as your Chancellor (of the Exchequer). I have accepted,” he wrote in a letter to Truss, which was published on his Twitter account.

His departure comes after a month in the job — and three weeks after he announced a tax-cutting “mini budget” that sent the pound plunging to record lows against the dollar.

This is a developing story. More to follow…