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Al Jazeera
Al Jazeera
Politics

UK’s Kwasi Kwarteng out as Liz Truss U-turns on corporation tax

United Kingdom Kwasi Kwarteng Liz Truss
Truss said she was acting to 'reassure the markets of our fiscal discipline' [Daniel Leal/Pool via Reuters]

British Prime Minister Liz Truss has appointed Jeremy Hunt to replace Kwasi Kwarteng as chancellor and reversed a plan to cut corporation tax, scrapping a key part of the economic plan that had sparked market turmoil.

Kwarteng confirmed that he was asked to “step aside” as chancellor on Friday.

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