14-10-22, 12:39
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#6
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re: LIZ TRUSS CHAOS: HOME SECRETARY QUITS Chief Whip & Deputy Resign
Liz Truss FIRES Chancellor -UK Finance Minister Kwasi Kwarteng Has Been Fired
----Liz Truss is throwing her Chancellor under the bus when he's just been implementing her ideas'
Tories Plotting to Replace Liz Truss With Rishi Sunak and Penny Mordaunt Pact
Liz Truss is said to be thinking of another mini-Budget U-turn as speculation grows that her days are numbered, with senior Tory MPs reportedly plotting a replacement
Daily Mirror UK 14 OCT 2022
Chancellor of the Exchequer Kwasi Kwarteng has been fired from his job on Friday as prime minister Liz Truss waters down her proposals to cut taxes aggressively, according to both the Times and the BBC.
Truss is expected to make a statement at 9AM Eastern Time Friday announcing that she's making a U-turn on her government's tax-slashing proposals.
Chief finance minister Kwarteng's pledges to carry on cutting income and corporation tax have rattled markets in recent weeks, with yields on gilts – UK government bonds – soaring.
10-year gilt yields fell 23 basis points to 3.962% Friday as investors waited for Truss's statement.
The British pound slumped 1.18% against the dollar to trade at $1.1197 at last check, having rallied Thursday as markets started anticipating a policy U-turn. The pound is down more than 17% against the dollar since the start of the year.
"Kwarteng's removal as chancellor, making him one of the shortest holders of that office, hasn't done much to boost the pound, given that it has already rallied yesterday on hopes of a u-turn on the budget," IG Group's chief market analyst Chris Beauchamp said. "Now the market will wait to see what is actually decided, and only then will it take a view on giving the government some support in terms of another bounce in the pound or a drop in gilt yields."
"Liz Truss certainly isn't out of the woods yet," he added.
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