Kwasi Kwarteng is out, Jeremy Hunt is in and the prime minister is all at sea!
And yesterday, UK’s new Chancellor of the Exchequer (left) ripped up almost all of Liz Truss’s disastrous mini-budget, scrapping virtually all of the announced tax cuts and drastically scaling back the government’s flagship plan to cap rising energy prices.
Yet another major government U-turn that is bound to leave Truss’s position as prime minister in a precarious state.
Hunt, parachuted into the job on Friday to replace sacked Kwarteng, said the only remaining tax cuts would be those already being put into place – the move to reverse the recent rise in national insurance and a cut to stamp duty.
The furore over the budget has reportedly sparked a plot to oust the prime minister – although Truss’s spokesperson said on Monday she would not resign.
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