UK finance minister Kwasi Kwarteng has been fired.

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Kwasi Kwarteng has been fired as chancellor three weeks after his mini budget untied  confusion  in the economy. 


Kwasi Kwarteng got appointed to the role by the Prime minister of the United Kingdom Liz Truss 6 weeks ago, this makes his term of service a brief one. He is second-shortest serving chancellor after Iain Macleod, who served from 11 November 1965  to 20 June 1970 preceded  by Edward Heath succeeded by Roy Jenkins. 


The downfall of Kwasi Kwarteng was set in motion when he declared £45bn in unfunded tax cuts on 23 September mini budget.




The mini-budget pushed the pound to a record inadequate against the dollar, sent the cost of government borrowing and mortgage rates up and led to an unprecedented intervention by the Bank of England. 



Chris Philip, on the other hand who was fully involved in preparation for the mini-budget,  also lost his job as chief secretary to the Treasury and has been moved to the Cabinet Office. Chris Philip severed as chief secretary to the treasury from September to October 2022.


According to Kwarteng’s letter to Liz truss, he says “You have asked me to stand aside as your chancellor. I have accepted."

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