According to BBC reports, the British official, who cut short a trip to the U.S. to meet with IMF officials, was dismissed by Truss during urgent talks in Downing Street.
Amid speculation of yet another government U-turn on its tax measures, Kwarteng becomes the UK’s second shortest-serving finance minister, after Iain Macleod, who died of a heart attack 30 days after taking office in 1970.
Since 2019, the UK has seen four chancellors, including Nadhim Zahawi, who served the third-shortest term with 63 days in a short-lived reshuffle under Boris Johnson, and Sajid Javid, who served 204 days – the fourth-shortest term on record.
Liz Truss, who has been in office for 39 days, appears to be facing significant pressure to abandon the “mini-budget” that includes massive tax cuts without clear funding.
