LONDON-(MaraviPost)-The British-born Ghanaian finance minister, Kwasi Kwarteng, has submitted his resignation on Friday in a letter to Prime Minister Liz Truss following the call for him to step down over Economic Policy fallout.
Kwarteng confirmed his resignation on his official twitter page in a letter addressed to Truss immediately after returning to London overnight from IMF meetings in Washington.
“You have asked me to stand aside as your Chancellor. I have accepted,” said Kwarteng in his letter to Truss.
Moments after the minister’s resignation, Truss held a press conference where she expressed remorse for the decision. She however mentioned that the decision was made for the country’s best interest in order to ensure stability.
The prime minister has however vowed to raise the country’s corporate tax rate which are expected to help in payment for other tax cuts she had initiated and are meant to calm investors, who worried that the cuts were unfunded.
Kwarteng has been at the heart of the Truss government’s economic and fiscal policies which have caused havoc on financial markets, and caused political meltdown for the Tories.
On September 23, Kwarteng presented a mini-budget Which pledged billions of tax cuts funded by borrowing which led the pound to tumble against the dollar.
He is currently is the country’s shortest serving chancellor since 1970, and his successor will be the fourth finance minister in as many months in Britain, where millions are facing a cost of living crisis.
Kwarteng will be replaced by Jeremy Hunt, the country’s former health secretary and foreign secretary. The chief secretary to the U.K. Treasury, Chris Philp was also replaced by Edward Argar.
