UK Finance Minister Kwasi Kwarteng sacked: BBC

BBC, London

UK Finance Minister Kwasi Kwarteng has been sacked, the BBC understands. The news comes amid speculation that UK PM Truss will today announce a U-turn on parts of the mini-budget.

It means Kwarteng is the second shortest-serving UK chancellor on record.

The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.

Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days – the fourth shortest tenure since the Second World War.

Kwasi Kwarteng – who is out of his job as the UK’s chancellor – has just confirmed that he was sacked by Prime Minister Liz Truss rather than choosing to leave.

He’s tweeted a letter confirming the news, saying he was “asked to stand aside”.

He wishes Prime Minister Liz Truss well with her plans for the economy, noting that “we’ve been colleagues and friends for many years”.

He promises his support for Truss from the backbenches.

Kwarteng also acknowledges market turbulence following his mini-budget on 23 September.

He writes that “the economic environment has changed rapidly” since he unveiled his plans, which comprised £45bn of tax cuts funded by government borrowing.

Kwarteng says he took on the job “in full knowledge that the situation we faced was incredibly difficult”.

He appears to stand by the measures that were announced – saying “following the status quo” to address issues such as rising interest rates and energy prices “was simply not an option”.