The United Kingdom Finance Minister, Kwasi Kwarteng has been fired, according to reports by the BBC and Sky News.
The two media giants quoted unnamed sources.
Why Was Kwasi Kwarteng Sacked
Reports say UK Prime Minister, Liz Truss sacked Kwarteng after tax cuts sparked outrage.
The UK PM is also expected to scrap parts of Kwarteng’s economic package in a bid to survive the market and political turmoil gripping the country.
The BBC said Kwarteng, who only on Thursday said he was “not going anywhere” despite market turmoil at the government’s controversial economic plans, was “no longer chancellor”.
Jeremy Hunt Appointed
Meanwhile, Jeremy Hunt has been appointed as the new Chancellor after Kwasi Kwarteng was sacked by Truss.
The appointment came as Truss prepares to announce at a press conference that she is ripping up her mini-Budget.
Meanwhile, Kanyi Daily reported that UK Prime Minister, Liz Truss appointed Nigeria’s Kemi Badenoch as Trade Secretary.