British Prime Minister Liz Truss has fired her finance minister Kwasi Kwarteng, the BBC reported on Friday, shortly before she is expected to scrap parts of his economic package in a bid to survive the market and political turmoil gripping the country.
Downing Street confirmed that Truss, in power for only 37 days, would hold a press conference later on Friday after Kwarteng was forced to rush back to London from IMF meetings in Washington to address the chaos.
The BBC said Kwarteng had been sacked. Downing Street declined to comment.
British government bonds rallied further on Friday, adding to their partial recovery since Truss’s government started looking for ways to balance the books after her unfunded tax cuts crushed UK asset values and drew international censure.
According to Reuters, Kwarteng accepted Truss’ request that he “step down” from his position.
The BBC reported shortly before Truss’s press conference that the British Prime Minister had appointed Jeremy Hunt, a former Conservative Party leadership candidate, as the new finance minister to replace Kwarteng.