AMILOADED MEDIA HUB NEWS UPDATE
UK prime minister Liz Truss has sacked chancellor Kwasi Kwarteng as she prepares to carry out a dramatic U-turn on his “mini” budget.
Mr Kwarteng confirmed his dismissal on Friday in a letter published to his Twitter account. Downing Street earlier declined to say whether the chancellor would remain in his post, refusing to comment on “speculation”.
The former chancellor arrived back in London from IMF talks in Washington on Friday morning and headed straight to Downing Street.
Ms Truss is due to hold a press conference on Friday afternoon in which she is expected to announce the U-turn on Kwarteng’s £43 billion (€49.5 billion) package of unfunded tax cuts.
Among the measures expected to be reversed is an £18 billion corporation tax cut — Mr Kwarteng had planned to cancel a proposed increase next April from 19 per cent to 25 per cent.
Tory MPs had predicted the sacking of Mr Kwarteng, whose fiscal statement on September 23rd quickly turned into an economic and political disaster.
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