British Prime Minister Liz Truss today sacked her Finance Minister Kwasi Kwarteng.
In view of the severe economic crisis that has been created in Britain, the Prime Minister has dismissed her Finance Minister.
Kwateng said he resigned at the prime minister’s request after returning from IMF meetings in Washington.
Truss has been Prime Minister of Britain for only 37 days and already she has faced a lot of public opposition.
Kwateng announced a new fiscal policy on September 23, which led to a massive public outcry over major tax cuts for the rich under the Prime Minister’s leadership.
The finance minister’s decision drew strong reactions from the markets and the Bank of England had to intervene to control the situation as borrowing and mortgage costs rose.
With this, the opinion polls also revealed that the support of Prime Minister Truss from her conservative party has collapsed.
According to economic analysts, severe inflation has been created in Britain and it is likely to grow in the future.
