U.K. Prime Minister Liz Truss fired Chancellor of the Exchequer Kwasi Kwarteng and replaced him with former Foreign Secretary Jeremy Hunt as she prepared to make a humiliating U-turn on parts of her economic plan.
The move follows weeks of market and Conservative Party pressure on Truss to explain how she’ll pay for a massive package of tax cuts.
“It is important now as we move forward to emphasize your government’s commitment to fiscal discipline,” Kwarteng said in a letter to the prime minister, confirming she had asked him to step down.
