October 14th 2022 2:06 pm

Written by Karl Collins

home :: tax news :: uk budget

Chancellor Kwasi Kwarteng Sacked

U-turns loom on three week old mini-Budget as Chancellor is fired.

He was in the role of Chancellor for less than 40 days but it is now being reported that former Secretary of State for Business, Kwasi Kwarteng, has been fired.

Kwarteng's downfall comes after a disastrous mini-Budget where unfunded tax cuts aimed at the very top earners caused a run on the pound and nearly tanked the pensions market - forcing the intervention of the Bank of England and sharp hikes to interest rates.

The removal of Kwasi Kwarteng, who once famously used the f-word twice during an appearance on the BBC's University Challenge, precedes what is expected to be another u-turn on his budget and a blow to new PM Liz Truss' growth plan.

The first u-turn was the reinstatement of the 45p top rate tax band and the second u-turn is expected to be a reversal of the decision to freeze corporation tax rates at 19 percent next year.

It is now thought that corporation tax will be raised to 25 percent from next April.

Early reports put Jeremy Hunt as Kwarteng's successor. The former Health Secretary and Foreign Secretary will now be responsible for laying out the u-turns and new strategy for Liz Truss' reshuffled cabinet.

A press conference will be held later today by Truss with further information.

See more articles from October 2022

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