Chancellor Kwasi Kwarteng has been sacked by Prime Minister Liz Truss after just 38 days in office.
His dismissal makes him the second shortest-serving Chancellor in history after Iain Macleod, who died in office after just 30 days in 1970.
Kwarteng, the MP for Spelthorne, has been left carrying the can after the bungled mini-Budget earlier this month.
This included plans for £43bn of unfunded tax cuts which were announced less than three weeks into the new Prime Minister’s term.
But following the so-called ‘Fiscal Event’ the Pound has fallen, gilt yields have soared, and the Bank of England has been forced to make an emergency intervention to shore up pension funds.
Mortgage rates have also skyrocketed with lenders started pulling products within hours of Kwarteng’s announcement.
Since then the Government has backtracked by scrapping the 45p tax changes it had proposed.
Additionally, having sidelined the Office for Budget Responsibility (OBR), the Government’s official and independent forecaster, Kwarteng was forced to bring forward plans to lay out the details of the costs of his cuts to October 31st. It had been scheduled for 23rd November.
Kwarteng, along with the Prime Minister, has been plagued with ongoing accusations of economic incompetence.
Jeremy Hunt and former Chancellors Nadhim Zahawi and Sajid Javid have all been linked with the role.
