UK PRIME MINISTER SACKS CHANCELLOR AFTER JUST OVER A MONTH ON THE JOB 

Britain’s beleaguered Prime Minister, Liz Truss has sacked Chancellor of the Exchequer (Finance Minister), Kwasi Kwarteng, who had been on the job for just over a month. She has named former health and foreign secretary, Jeremy Hunt as the new Chancellor as she faces growing pressure in her fledgling premiership. The financial markets have been jolted by Kwarteng’s mini-budget three weeks ago of unfunded tax cuts. The pound sterling has lost value against the US dollar in the wake of the controversial announcement.

In addition to replacing her finance minister, Prime Minister Truss has also made another U-turn in her government’s economic plan. She has backtracked on plans to scrap an increase in corporation tax, expected to deliver 18 billion pounds sterling of the 45 billion-pound mini-budget. So-called ‘Trussenomics’ is aimed at cutting taxes to spur growth, but political and financial analysts say Prime Minister Truss is facing an uphill battle to accomplish this as she faces growing unease inside her party and from the financial markets.