Subhechcha Ganguly 
According to the BBC, Kwarteng is no longer chancellor of the exchequer. Kwarteng was anticipated to be fired, according to an earlier report in The Times.
According to a report from the BBC on Friday, British Prime Minister Liz Truss has fired her finance minister Kwasi Kwarteng just before she is likely to abandon some of his economic proposals in an effort to weather the country’s current political and financial unrest.
Truss, who has only been in office for 37 days, will attend a press conference later on Friday, according to Downing Street, after Kwarteng was compelled to fly back to London from IMF meetings in Washington due to the upheaval.
According to the BBC, Kwarteng was fired. Downing Street opted not to respond. If it is verified, Kwarteng would have the shortest tenure as chancellor since 1970, and his replacement would be the fourth finance minister to lead the nation in as many months.
After Truss’ government began looking for methods to balance the books after her unfunded tax cuts destroyed UK asset values and garnered worldwide criticism, British government bonds continued to rise on Friday, adding to their partial recovery.
On September 23, Kwarteng unveiled a new fiscal strategy, fulfilling Truss’s goal for major tax cuts and regulatory reform in an effort to shock the economy out of years of slow development.
However, the market’s reaction was so fierce that the Bank of England was forced to step in to stop pension funds from becoming embroiled in the confusion as borrowing and mortgage costs skyrocketed.
Since then, the pair has come under increasing pressure to change course as surveys revealed that support for their Conservative Party has plummeted, leading colleagues to question openly whether they need to be replaced.
Truss now bears the risk of toppling the government if she cannot come up with a plan of tax increases and public spending cuts that can placate investors and pass any parliamentary vote in the House of Commons. This is because she has caused a market crash.She will have a harder time finding reductions because the government has been reducing departmental budgets for years.
At the same time, the discipline of the Conservative Party has all but collapsed due to internal strife as it fought to come to terms with how to leave the European Union and subsequently how to deal with the COVID-19 pandemic and boost the economy.
According to prominent Labour Party member Chris Bryant, “if you can’t get your budget through parliament, you can’t rule.” This is about competent governance, not about U-turns.
Although Kwarteng was not anticipated to attend Truss’ news conference later on Friday, which fueled rumours regarding his future, Downing Street has so far refrained to comment.The chief of the International Monetary Fund had stressed the significance of “policy consistency” to Kwarteng during his time in the US, underscoring how much Britain’s reputation for prudent economic management and institutional stability had declined.
