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Prime Minister Liz Truss has fired the Chancellor of the Exchequer Kwasi Kwarteng and is thought to be about to scrap large parts of the mini-budget he produced last month after the City of London reacted badly to the announcement of massive tax cuts.
Kwarteng was ordered to fly home overnight from International Monetary Fund talks in Washington and was relieved of his duties by Truss, who is expected to announce a shift in financial policy during a press conference on Friday afternoon.
Kwarteng uploaded his resignation letter on Twitter and in it he said: “You have asked me to stand aside as your Chancellor, and I have accepted.”
He went on to praise Truss and said: “We have been colleagues and friends for many years. In that time I have seen your dedication and determination. I believe your vision is the right one.”
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