Kwasi Kwarteng Resigns, Jeremy Hunt Named New Chancellor of the Exchequer. Prime Minister Truss Confirmed the Corporate Tax Rate Will Increase to 25%. Political Implications and the Way Forward.
Kwasi Kwarteng Resigns, Jeremy Hunt Named New Chancellor of the Exchequer.
The continued back and forth between BoE Governor Bailey and the government as well as the uncertainty in policy came to a head on Friday as Kwasi Kwarteng resigned ending his six-week reign as Chancellor. Kwarteng confirmed in a letter that PM Truss had asked him to step aside. This comes in the wake of turmoil that has swept through the UK markets since the mini-budget speech presented by the Chancellor on the 23rd of September.
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