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