Breaking News: Liz Truss Sacks Kwasi Kwarteng As Chancellor

Kwasi Kwarteng is no longer chancellor, the BBC has reported.

This comes after speculation that the British Prime Minister, Liz Truss will on Friday announce a U-turn on parts of the mini-budget.

Here’s a quick recap of his political career:

• Like Truss, a member of the “class of 2010”, elected into Spelthorne, Surrey, when the Conservatives gained power in the general election that year
• Co-authored a controversial 2012 book, Britannia Unchained, with Truss and others, which suggested British workers were “idlers” – a view from which he later distanced himself
• Backed Leave in the 2016 EU referendum
• Became business secretary in the government of Boris Johnson, which was seen as a reward for backing Johnson’s leadership bid
• Also backed Liz Truss in her own 2022 leadership campaign and was described as the PM’s political soulmate before being made her finance minister
• Presented a mini-budget on 23 September which pledged £45bn of tax cuts, funded by borrowing, which was followed by market turbulence and an intervention from Bank of England

Source: MyJoyOnline