By: Economic & Finance Report
UK’s Finance Minister aka Chancellor of the Exchequer has resigned from the position on Friday, October 14, 2022. It was announced that Kwasi Kwarteng would step down, by the request from British Prime Minister Liz Truss. Mr. Kwarteng had recently attended the IMF (International Monetary Fund) conference, in Washington D.C. and was returning back to Great Britain from the conference, when it was announced about his departure.
Kwasi Kwarteng a Ghanian born Britain; had been appointed to the position by Ms. Truss after her emergence from her political party elections. Her party, the UK Conservative Party; has control of both houses of UK parliament. It is believed Mr. Kwarteng was asked to step down because of his fiscal policies, particularly the fact he wanted to reduce taxes for wealthy income earners and corporations. He claimed his initiatives would attract the brightest people and companies around the world; to help grow and prosper the United Kingdom’s economy. The economic plan did not fare well with many people and politicians, and it allowed the London Stock Exchange (LSE) to drop precariously.
The ex-Chancellor held the finance minister position for 38 days: the second shortest stay in a cabinet, in the history of the United Kingdom. He was the first ever black person and African origin; as Chancellor of the Exchequer (Finance Ministor); in the history of UK’s governance. -SB
Image Source: BBC