British PM Liz Truss sacks Finance Minister Kwasi Kwarteng, Jeremy Hunt appointed new Treasury chief

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British Prime Minister Liz Truss sacked Finance Minister Quasi Quarteng on October 14, 2022, ahead of the announcement of the economic package.

Important facts

  • In his place, former cabinet minister Jeremy Hunt has been appointed finance minister.

  • For the past several days, there was a demand to remove Quarteng from this post, he remained in this post for about a month.

  • Tax cuts were announced during his tenure, this caused a sharp drop in the pound's exchange rate.

  • Recently, the Mini Budget of the Liz Truss government was presented, which proved to be a failure in controlling inflation in the country.

  • After this, MPs gave an ultimatum to Truss that if Finance Minister Kwasi Quarteng is not removed, he may face a rebellion.

  • Quasi became the shortest-serving chancellor in Britain since 1970, a position he held for just 38 days.

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