Akwasi Addo Alfred Kwarteng born 26 May 1975, is a British-born Ghanaian and a Conservative Party politician who has been the Member of Parliament (MP) for Spelthorne in northern Surrey since 2010. He was Secretary of State for Business, Energy and Industrial Strategy from 2021 to 2022, before serving as Chancellor of the Exchequer under Liz Truss from September to October 2022.
Following Boris Johnson’s resignation in 2022, Kwarteng supported Liz Truss’s bid to become Conservative leader. After Liz Truss’s appointment as Prime Minister, Kwarteng was appointed Chancellor of the Exchequer.
On 23 September, Kwarteng announced various tax cuts in a “mini-budget” that was widely slammed and briefly caused sterling to fall to its lowest-ever level against the US dollar.
Kwarteng was dismissed as Chancellor on 14 October after only 38 days making him the second-shortest-serving post-war Chancellor after Iain Macleod (whose shortest service in office was as a result of his demise a month after taking office)
Kwasi Kwarteng, the British-born Ghanaian and UK Finance Minister was sacked on Friday by the British Prime Minister of UK Liz Truss.
Sacking Kwasi Kwarteng was a desperate bid for Prime Minister Liz Truss to retain power and continue to operate successfully with respect to the market and political turmoil gripping the country. Kwarteng in his emotional resignation letter, said that he was quitting because Truss wanted him to, with Truss responding and said she was sorry to lose him from the government.
Kwasi Kwartent was fired minutes after arriving back in Downing Street in Washington, after being forced to rush back to London overnight from IMF meetings.
The head of the International Monetary Fund informed Kwasi Kwarteng of the importance of “policy coherence” for economies especially in this global crisis.
Prime Minister Liz Truss has appointed Jeremy Hunt, a former foreign and health secretary, to replace Kwarteng following his sack. Hunt will be the fourth finance minister in Britain.
Truss promised the nation of massive tax cuts and deregulation to try to enhance and revamp the economy from years of stagnant growth when she assumed office as Prime Minister
