British media say Treasury chief Kwasi Kwarteng has left the government, ahead of an announcement by Prime Minister Liz Truss on changes to an economic package that sparked market turmoil.
The BBC and Sky News reported Kwarteng's departure on Friday. It comes after a month in the job - and three weeks after he announced a tax-cutting mini-budget that sent the pound plunging to record lows against the dollar.
On Thursday, Kwarteng denied he was about to lose his job, saying, “I'm not going anywhere.”
Truss is due to hold a news conference later Friday. She is under intense pressure to scrap some of the 43 billion pounds ($48 billion) in unfunded tax cuts that roiled financial markets and led the Bank of England to step in to prevent a wider economic crisis.
The Guardian reported Kwasi Kwarteng was sacked after his disastrous mini-budget caused market turmoil, a bailout of pension funds and rising mortgage rates.
In a statement published on Twitter, Kwarteng said, “You have asked me to stand aside as your Chancellor. I have accepted.” He said that following the status quo was simply not an option. “For too long this country has been dogged by low growth rates and high taxation – that must still change if this country is to succeed,” he said.
(With inputs from PTI)
