Why has UK PM Liz Truss sacked Kwasi Kwarteng and appointed Jeremy Hunt as new Chancellor of the Exchequer?

Jeremy Hunt was appointed as the Chancellor of the Exchequer in the UK on Friday after Prime Minister Liz Truss sacked Kwasi Kwarteng, according to reports. Kwasi Kwarteng was on a visit to the US for a meeting with the International Monetary Fund (IMF) officials. The demand by members of Parliament, especially of the Labour Party, was that he must come back to the UK during the Prime Minister's Questions (PMQs).

The truth came to light when it was known that UK Prime Minister Liz Truss was planning on calling a press conference to announce her complete U-Turn on the mini budget that was announced by Kwarteng, as per reports.

The earlier plan of increasing corporation tax to 25 per cent from 19 per cent, which was supposed to go on the floor in April next year, is reinstated.




This was advocated by the erstwhile Chancellor, Rishi Sunak, who went on to fight for the prime ministerial post against Liz Truss. This is a big decision by Liz Truss, which states that she plans to drop her significant tax cut promise from her leadership campaign.

It is now left to see how the Prime Minister sticks to her national insurance rebate and income tax cut she had planned earlier. The Prime Minister has been reported to continue to uphold her plan on the latter two promises.

FAQs

1. Who is the shortest-serving Chancellor of the Exchequer?
   Iain Macleod – 30 days (1970). Reason: death
2. Name the Chancellor under Boris Johnson after Rishi Sunak.
   Nadhim Zahawi