Prime Minister Liz Truss fires Chancellor of the Exchequer over controversial tax reform plan

British Prime Minister Liz Truss today sacked the Chancellor of the Exchequer, Kwasi Kwarteng, for his controversial fiscal plan. He is considered the architect of a controversial tax reform plan that had been questioned by the markets and even members of the Conservative Party, who are now even considering increasing the pressure on the head of government.

Kwarteng is the second-shortest-serving economics minister, taking office on September 7, following Truss’s arrival at Downing Street.

The Executive put on the table tax cuts worth 45,000 million pounds that have not convinced the financial or political environment, nor some members of the Conservative Party, and that, in terms of currencies, has put the pound against the ropes. Truss has already been forced to withdraw in a matter of days the proposal to lower the income tax for large fortunes from 45 to 40%.

The outgoing minister continues to consider this plan “crucial” and maintains that Truss has the “correct” economic vision, to the extent that “for too long this country has been marked by low growth rates and high taxes.” Likewise, he appeals to “fiscal discipline”, in a letter in which he promises to continue supporting the work of the Government as a deputy.

Some ‘tories’ already ask for the head of the prime minister. In any case, this week the head of government ruled out before Parliament that she has in mind to advance the elections.