LONDON (Reuters) - British Prime Minister Liz Truss on Friday sacked Treasury Secretary Kwasi Quarting and replaced him with former Foreign and Health Minister Jeremy Hunt, after the budget fluctuations announced last month, which included controversial tax cuts.
Quarting submitted his resignation at the Prime Minister's Residence in Downing Street in London, becoming the third chancellor to leave the government this year.
Later, Truss announced the appointment of Hunt as finance minister in her government, and said that the new minister would present a medium-term financial plan.
The new Chancellor of the Exchequer was one of the candidates vying with Truss to succeed Boris Johnson for leadership of the Conservative Party and prime minister.
The Prime Minister added that there is a need to act now in order to reassure the markets, noting that her government will raise taxes on large companies.
Terrace had backed away from part of its economic plan, especially with regard to reducing the tax on high-income people, which it considered muddled.
During her campaign to succeed Boris Johnson as head of government, Truss pledged to cut taxes in an effort to stimulate economic growth.
The dismissed British Chancellor of the Exchequer Kwasi Quarting said yesterday that he "is not going anywhere", despite the turmoil in the markets due to the controversial economic plans put forward by the government, in particular the expected tax cuts.
The value of the British pound fell today after the news of Minister Quarting's dismissal was announced.