Kwasi Kwarteng leaves Downing Street moments after sharing his resignation letter, in which he confirms that he was asked to 'stand aside' by Prime Minister Liz Truss. 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
He finished his letter by saying they have been"colleagues and friends for many years" and he believes her"vision is the right one".
Ms Truss and Mr Kwarteng, who have been close friends for years, insisted that the turbulence in the UK economy was part of a global problem exacerbated by the war in Ukraine and post-pandemic recovery. The second U-turn is expected to come on Friday afternoon, with the government set to raise corporation tax from 19% to 25% next April, despite promising not to do so in the mini-budget.
And the next chancellor, who will be chosen by Ms Truss, will be the seventh Tory chancellor in 12 years.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kwasi Kwarteng in Washington DC for talks with IMF as Liz Truss faces revolt at homeThree stories: 🔴 Chancellor in US for talks with IMF as PM faces revolt at home 🔴 Alex Jones ordered to pay $965m to Sandy Hook massacre victims he defamed 🔴 N.Korea says it has test-fired cruise missiles
Read more »
Chancellor Kwasi Kwarteng insists he is 'not going anywhere' and is 'totally focused' on growth planLast week, after open revolt from Tory MPs and a surge in support for Labour in the polls, Ms Truss and Mr Kwarteng abandoned the plan to abolish the highest 45% tax rate.
Read more »
Liz Truss plans tax cut U-turn while Kwasi Kwarteng is out of the countryThe Prime Minister is understood to be looking at increasing corporation tax next year in a bid to calm the markets after Kwasi Kwarteng’s raft of unfunded tax cuts spooked the financial markets
Read more »
Chancellor Kwasi Kwarteng insists he is 'not going anywhere' - and hints at mini-budget U-turnLast week, after open revolt from Tory MPs and a surge in support for Labour in the polls, Ms Truss and Mr Kwarteng abandoned the plan to abolish the highest 45% tax rate.
Read more »