Media: U.K. Treasury chief out as prime minister plans U-turn
21:01 JST, October 14, 2022
LONDON (AP) — 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.
"News Services" POPULAR ARTICLE
-
Harris Widens Lead over Trump to 47%-40%, Reuters/Ipsos Poll Finds
-
Israel Declares UN Chief Antonio Guterres ‘Persona Non Grata’ over Iran Attack Response: Foreign Ministry
-
Hezbollah Leader Hassan Nasrallah was killed in Beirut Strike, Israel’s Military Says
-
Foreigners Turn Net Sellers of Japanese Stocks for 2024 on Concerns Over Yen Strength
-
South Korea’s Han Kang Wins 2024 Nobel Literature Prize
JN ACCESS RANKING
- Harris Widens Lead over Trump to 47%-40%, Reuters/Ipsos Poll Finds
- Japan-S. Korea Exchange Festival Held in Seoul
- Japan Trying to Draw Digital Nomads, Who Are Seen as Beneficial to Economy, Society
- JICA Employee Suspected of Leaking Info on ODA Project in Manila; Bidding for Railway Renovation May Have Been Impacted
- Asukayama Monorail in Tokyo: Free to Ride!