British Prime Minister Liz Truss has sacked Finance Minister Quasi Quarteng amid economic turmoil. Jeremy Hunt has been made the new Finance Minister in his place. The aim is to stem the economic turmoil caused by Quarteng’s mini-budget last month. The truss may withdraw its economic plans after the turmoil in the markets.
The pound fell against the dollar as a result of the Quarteng withdrawing the decision on tax cuts in Parliament. An estimated £45 billion tax cut was seen as a disastrous move for the UK economy without any detailed funding plan to support it.
While further U-turns on tax-cutting plans are expected after meetings at 10 Downing Street, Tory leaders may again consider the possibility of changing party leader. Given that Truss could not technically face a leadership challenge until a 12-month-long powerful 1922 committee of backbench MPs voted to change its rules. These MPs are said to be supporting the joint team of Sunak and Mordant.
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