The Prime Minister, Liz Truss has sacked her first Chancellor, Kwasi Karteng, just as soon as he arrived home from meetings in Washington.
This last resort move was widely anticipated by media and the markets. The economic moves which the Chancellor made only a few weeks ago have forced the markets into turmoil and the pound plummeted.
The Prime Minister is to hold a press conference in Downing Street later this afternoon, when she will be expected to announce the new Chancellor of the Exchequer.
Mr Kwarteng announced his mini budget on 23 September saying then: “Economic growth isn’t some academic term with no connection to the real world. It means more jobs, higher pay and more money to fund public services, like schools and the NHS.
“This will not happen overnight but the tax cuts and reforms I’ve announced today – the biggest package in generations – send a clear signal that growth is our priority.
“Cuts to stamp duty will get the housing market moving and support first-time buyers to put down roots. New Investment Zones will bring business investment and release land for new homes in communities across the country. And we’re accelerating new road, rail and energy projects by removing restrictions that have slowed down progress for too long.
“We want businesses to invest in the UK, we want the brightest and the best to work here and we want better living standards for everyone.”
Kwasi Kwarteng has done years worth of damage in only a few short weeks, according to the Scottish Greens. His record was blasted by the Scottish Greens co-leader, Lorna Slater, ahead of her party’s conference which is set to begin in Dundee tomorrow morning.
Lorna Slater MSP said: “Kwasi Kwarteng’s tenure has been short, destructive and disastrous. In only a few short weeks he’s done years of damage. His calamitous budget caused crisis after crisis.
“But he didn’t do it alone. He was cheered to the rafters by his Tory colleagues, including the Scottish Tories who called for the Scottish Government to replicate his terrible decisions.
“It’s not just the Chancellor who needs to go. It is also this dangerous Prime Minister who appointed him and the Cabinet who have supported him every step of the way.
“This has already gone on too long, and far too many people are suffering. If Liz Truss wants to emerge with any shred of credibility then it can’t just be her Chancellor that leaves Downing Street, it must also be her.
“Scotland can do so much better. We don’t need to be ruled by cruel and incompetent Tory governments that we didn’t vote for and can’t remove. With the powers of independence we can build a fairer and better economy that works for people and the planet.”
Scottish Liberal Democrat leader Alex Cole-Hamilton said: “This mustn’t just be the end of Kwarteng’s disastrous chancellorship, it should be the death knell of the Conservatives’ reckless mismanagement of our economy. We owe it to the households, individuals and businesses up and down Scotland, who have been hit hard by this crisis, to take firm action now.
“Across Scotland, people are angry, fed up and worried about the future. Most of all, they are furious that Conservative MPs seem to think this is an acceptable way to conduct the government of our country in these difficult times.
“Enough is enough. It started with Boris Johnson failing our country, and now Liz Truss is trashing our economy. It’s time for us to have our say in a general election.”
Founding Editor of The Edinburgh Reporter.
Edinburgh-born multimedia journalist and iPhoneographer.
