Kwasi Kwarteng, the United Kingdom’s Chancellor of the Exchequer, was sacked by Prime Minister Liz Truss on Friday morning after her government’s recent mini-budget—which promised large tax cuts for the wealthy—triggered major backlash both from the public and the markets in recent weeks.
According to the BBC, Kwarteng’s sacking is a prelude to an announcement by Truss, which will include u-turns on many key aspects of Kwarteng’s mini-budget.
Earlier on Friday, Kwarteng met with Truss at 10 Downing Street after cutting short a trip to the U.S.
