Kwarteng Faces Sack After Rushing Back For Crisis UK Tax Cut U-Turn Talks

UK finance minister Kwasi Kwarteng has rushed back from an IMF meeting in Washington to tackle the deepening tax cut crisis as a u-turn on the government’s mini-budget is expected, with reports indicating he may even be fired (The Times).

Junior trader minister Greg Hands insisted Friday that Kwarteng remains dedicated to its so-called growth plan, but another Tory lawmaker claimed “the markets have lost trust in the Conservative Party - and who can blame them?”

IMF leaders had stressed the importance of “political coherence” to Kwarteng amidst colleagues openly doubting PM Liz Truss’ position, with economists doubting cuts of around ₤40 billion ($45bn) will be feasible.