British Finance Minister is dismissed by Liz Truss in the midst of a political storm

British Finance Minister, Kwasi Kwartengwas dismissed on Friday in the framework of an economic and political storm that also threatens the continuity of the increasingly questioned Conservative Prime Minister Liz Truss.

LOOK: The president of the Mexican Hunting Federation dies after being rammed by a buffalo he had injured

Kwartengwho on Thursday had assured that “he was not going anywhere” despite the turmoil caused in financial markets by the government’s controversial economic plans, “is no longer finance minister,” the BBC reported.

Shortly after, this 47-year-old ultra-liberal, born in London to immigrant parents from Ghana, confirmed on Twitter that Trusshis longtime ally, had pushed him out of office.

“He has asked me to step aside as his finance minister. I have accepted”, wrote in a letter addressed to the prime minister.

LOOK: Hundreds of Venezuelan migrants are returned from the US to Mexico after a new migration plan

In an extremely volatile market for days, political instability weighed on the British pound, which lost 1.10% against the dollar, to 1.1199 dollars, and 0.57% against the euro, to 86.83 pence. .

Just a day earlier, the British currency had soared on speculation about possible changes to Britain’s controversial tax policy.

Kwarteng He was in Washington to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank, but on Friday it was learned that he was returning to London a day earlier than planned.

LOOK: Look at the requirements of the new US immigration plan for Venezuelans and who it affects

As a sign of great media expectation, local news channels broadcast live the landing of the British Airways plane in which it arrived at London’s Heathrow airport.

Shortly after it was announced that Truss will offer a press conference in the afternoon and many already speculated that the head of government had sacrificed her finance minister, and right-hand man, in an attempt to cling to office.

under heavy pressure

The Conservative Prime Minister, whose government appears to be on the verge of implosion, will speak in a particularly tense context, in the midst of a crisis of confidence.

According to the British press, some members of her own party are already trying to remove her, given the disastrous polls that predict a crushing defeat for the Conservatives in the upcoming legislative elections.

Britain’s Prime Minister Liz Truss leaves her hotel for the second time, with Britain’s Chancellor of the Exchequer Kwasi Kwarteng, on the third day of the Conservative Party’s annual Conference in Birmingham, central England, on March 4. October 2022. (Photo by Oli SCARFF / AFP) (OLI SCARFF /)

These are not scheduled until January 2025 at the latest, but the political and economic storm caused by the controversial tax cuts decided by Kwarteng Y Truss they seem to make it impossible for the conservative leader to stay in power until then.

Truss47, arrived at Downing Street on September 6, succeeding the controversial Boris Johnson, forced by his own ranks to resign as a result of a multiplication of scandals that ruined his popularity. .

But just a month later, the new Conservative leader has turned against financial markets, voters and prominent personalities in her own party with a program of tax cuts that will increase the already very large public debt.

Under party pressure, Truss Y Kwarteng They already had to abandon one of their most controversial measures at the beginning of October.

This is the abolition of the maximum tax bracket, 45%, for income over 150,000 pounds (170,000 dollars) per year, accused of favoring the rich when many Britons sink into poverty weighed down by inflation that is already close to 10 % and should continue to increase.

Seeking also to reassure, Kwarteng later agreed to bring forward the publication of its budget forecasts to October 31, instead of the initially announced November 23.

But it was not enough and the presentation must now be carried out by his successor.

Source: Elcomercio