Kwarteng Says Truss Asked Him to Step Down as UK Chancellor

Kwasi Kwarteng confirmed Liz Truss asked him to leave his post as UK Chancellor of the Exchequer, following weeks of market turmoil triggered by the massive package of unfunded tax cuts he announced last month.

The dramatic move comes as the prime minister prepares another humiliating reversal on the government’s economic strategy. Truss has already been forced into a U-turn on one of its headline measures: a plan to cut the top rate of income tax.