“We are very sorry to lose our friend Kwarteng. Hunt will guide us to growth”
“I am absolutely determined to deliver on what I promised” ie make the UK a “more prosperous, growing” country and able to weather “the storm we face”. British Prime Minister Liz Truss said this during a press conference convened in Downing Street. “We have already provided guarantees on the price of energy, making sure people don’t face huge bills this winter, ”he added. Faced with the problems we had, it was right that I act decisively to ensure economic stability, which is of vital importance for people and businesses across the country. “
THE MINISTER OF FINANCE – Liz Truss said she was “incredibly sorry” about miss “the great friend” Kwasi Kwarteng as Chancellor of the
who would be the finance minister. At the press conference, the British premier nevertheless had words of praise for Kwarteng’s successor, Jeremy Hunt, claiming that he shares his same “vision” in economics and that at the end of the month he will present the government’s medium-term fiscal plan. The new chancellor will lead the mission towards “growth”, assured Truss, according to whom the country “will weather the storm”. The premier responded with a letter to the one written by Kwarteng, claiming she was “very sorry” to lose him in her government role. The former Chancellor of the Exchequer was removed by her, after the strong tensions on the markets which hit the pound, causing mortgages to rise.
Responding to the letter Kwarteng sent her, Truss highlighted how the now former chancellor took office in “extraordinarily difficult times” and “in the face of strong global headwinds”. “Thank you for your service to this country and for your great friendship and support”, added the premier who also praised Kwarteng for his work that will allow “families to turn on the heaters this winter” and that he “saved thousands of jobs “.
In the letter, posted by Kwasi Kwarteng on his Twitter account, he confirmed that he was fired as Chancellor of the Exchequer just 38 days after his appointment. It was “an honor,” he tweets, to serve as chancellor, vindicating the need for a drastic change of direction in the economy.
“Following the status quo is no longer an option,” reiterated the former chancellor, arguing that Britain can no longer sustain a high level of taxation accompanied by low growth. “This must change for the country to be successful,” he added, admitting, however, that the “economic environment” has changed “rapidly” following the announcement of his growth plan on 23 September. “Your success is the success of this country and I wish you well”, concluded Kwarteng, turning to Truss in the closing of the letter.
THE ECONOMIC POLICY – “I want an economy of low taxes, high wages and high growth,” said the British premier. “We need to act now to reassure the markets about our fiscal discipline.” Truss specified that the decision was made to keep the increase in the Corporation tax, ie the corporate income tax, and that this will mean 18 billion pounds in taxes for the country.