Kwasi Kwarteng has been sacked as the British Chancellor of the Exchequer, reports the British public broadcaster BBC. Downing Street confirmed officially that Jeremy Hunt has been made chancellor.
British Prime Minister Liz Truss will give a press conference later on Friday, all expected about the so-called mini-budget.
In the United Kingdom, there is a lot of criticism of the so-called mini-budget of Truss. There was increasing pressure on Truss and Kwarteng to make a U-turn in their policy.
Prime Minister Liz Truss and Chancellor Kwasi Kwarteng discuss their Growth Plan ahead of a fiscal statement to the House of Commons on Friday 23 September. 10 Downing Street. Credit: Andrew Parsons / No 10 Downing Street / Flickr
Kwasi Kwarteng's resignation letter suggests it was the prime minister's decision to get rid of him. Liz Truss and Kwasi Kwarteng were seen as the closest of political allies when she won power, according to the BBC.
Kwarteng's replacement Jeremy Hunt will be the fourth chancellor this year.
Hunt had put himself forward to be the next Tory leader but did not receive support from fellow MPs he supported Rishi Sunak's bid. He also ran against Boris Johnson in 2019, making the final round.
According to the BBC, this means that Kwarteng served as Chancellor of the Exchequer in the second-shortest term, after Iain Macleod who died of a heart attack in 1970, 30 days after taking up the position.
