UK finance minister sacked

London. Amidst the deteriorating economic situation, British Prime Minister Liz Truss has sacked Finance Minister Quasi Quarteng before the announcement of the economic package. In his place, former cabinet minister Jeremy Hunt has been made finance minister. For the past several days, there was a demand to remove Quarteng from this post. He remained in the post for about a month. Tax cuts were announced during his tenure, causing a sharp drop in the pound’s exchange rate.

With the removal of the Finance Minister from the post, the Prime Minister of Britain has decided to increase the corporation tax. Recently the Mini Budget of the Liz Truss government was presented, which proved to be a failure in controlling inflation. After this, many MPs gave an ultimatum to Truss that if Finance Minister Kwasi Quarteng is not removed, he may face rebellion. In fact, ever since Liz Truss took office, the government seems to be battered on the economic front.

Till late evening, the Prime Minister’s Office declined to comment on the Finance Minister’s sacking. However, Quasi Quarteng himself has confirmed his dismissal by tweeting. He wrote on Twitter – I have been asked to step down from the post of Chancellor. I have said several times in the last week that adhering to the status quo is not an option for us. If the country has to accelerate its growth rate, then its policy will have to be changed.