Kwasi Kwarteng out as UK Chancellor

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Kwasi Kwarteng is no longer chancellor, the BBC has reported.

This comes after speculation that the British Prime Minister, Liz Truss will on Friday announce a U-turn on parts of the mini-budget.

Here’s a quick recap of his political career:

  • Like Truss, a member of the “class of 2010”, elected into Spelthorne, Surrey, when the Conservatives gained power in the general election that year.
  • Co-authored a controversial 2012 book, Britannia Unchained, with Truss and others, which suggested British workers were “idlers” – a view from which he later distanced himself
  • Backed Leave in the 2016 EU referendum.
  • Became business secretary in the government of Boris Johnson, which was seen as a reward for backing Johnson’s leadership bid.
  • Also backed Liz Truss in her own 2022 leadership campaign and was described as the PM’s political soulmate before being made her finance minister.
  • Presented a mini-budget on 23 September which pledged £45bn of tax cuts, funded by borrowing, which was followed by market turbulence and intervention from Bank of England.

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