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UK’s Truss Names Kwasi Kwarteng as New Chancellor

Bloomberg business news
Prime Minister Truss Lays Out Her Plan for UK

Kwasi Kwarteng was named UK Chancellor of the Exchequer, responsible for the country’s public finances.

He faces a daunting combination of soaring inflation and faltering economic growth. The Bank of England has forecast a five-quarter recession and inflation is estimated to climb as high as 22% without intervention in the energy market.