Breaking : UK Prime Minister Sacks Finance Minister 38 Days After Appointment


 UK prime minister Liz Truss fired chancellor Kwasi Kwarteng on Friday and is preparing to announce what is expected to be a U-turn on UK fiscal policy after market backlash against large unfunded tax cuts.

Krishna Guha, economist at Investec, said that this marks the first time in decades “that the financial markets have forced the government of a big developed economy with its own central bank to capitulate on core fiscal ambitions”.

He said that credit also goes to the Bank of England governor Andrew Bailey, whose refusal to extend the BoE’s gilt intervention “forced Truss to face reality”.

George Lagarias, chief economist at Mazars, said “investors will remain sceptical for the foreseeable future”.

“Until outstanding Brexit issues are resolved, and the country acquires a steady path towards a post-Brexit future, long term investors may be more opportunistic in their approach towards the UK,” he added.

“Liz Truss is still facing a Rocky Horror Show of her own making,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

“Even if this embarrassing reshuffle is accompanied with a fresh reversal of policy, as far as the credibility of the government is concerned, significant damage has been done,” she added.


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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