Kwasi Kwarteng Sacked: Why Did Liz Truss Sack Kwasi Kwarteng?

Kwasi Kwarteng has resigned after Prime Minister, Liz Truss asked him to stand aside as chancellor of the exchequer.

Kwasi Kwarteng’s resignation came shortly before Ms Truss announced she was scrapping parts of his economic package in a bid to survive the market and political turmoil gripping the country.

During a press conference at Downing Street, Ms Truss said Britain’s corporation tax will to 25 per cent, a U-turn from the former chancellor’s mini-budget from last month, which had capped it at 19 per cent.

In his resignation letter, he wrote, “You have asked me to stand aside as your chancellor. I have accepted”.

His replacement will be former foreign secretary, Jeremy Hunt, who was one of Truss’ rivals in the last Conservative Party leadership contest.