British Chancellor of the Exchequer Kwasi Kwarteng issued a resignation letter on Twitter today, claiming that he had accepted Prime Minister Liz Truss’s request to step down and took office for only 38 days, becoming the UK’s shortest-lived since 1970 Finance Minister. The shortest-serving chancellor, Iain Macleod, was interrupted by sudden death.
After Truss announced a radical tax cut plan last month, the pound fell sharply and the bond market faced a sell-off, causing the Bank of England (BOE) to urgently intervene in the market, announcing that it would buy long-term government bonds to avoid financial incidents. crisis.
Recent media reports have speculated that Truss may make a U-turn in policy and adjust the budget. Quarton hastened to cut short a meeting of global finance ministers in Washington this week and hurried back to the UK. British media later reported that Quarten would be replaced.
Archyde.com reported that following rushing back to London from Washington overnight, Quatton had agreed to Trus’s request to resign. Downing Street confirmed that Truss will hold a press conference later today.
“You asked me to step down as your Chancellor of the Exchequer. I have accepted,” Quarten tweeted his resignation letter to Truss.
Quarton is Britain’s shortest-serving chancellor since 1970, and his successor will become Britain’s fourth chancellor in as many months.
