Wednesday 21 February 2024
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Kwasi Kwarteng out as Chancellor ahead of 2 pm press conference – see letter

It’s not yet clear if he was sacked or whether he resigned.

Updated with letter published below:

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Kwasi Kwarteng is no longer chancellor since a meeting this morning with Prime Minister Liz Truss at Downing Street.

It comes amid speculation Truss will today announce a U-turn on parts of the mini-budget.

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In a press conference at 2 pm today, it is expected that the Corporation Tax decision will be reversed and it will remain at 25%.

This levy on company profits had been due to rise from 19% to 25% next year until the mini-budget announcement that it would remain frozen. There are rumours the government may now allow this to rise in what would be a major U-turn.

No announcement has been made yet as to who the new Chancellor of the Exchequer will be.

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