UK’s finance minister under pressure as country faces tough decisions

British Politics is in turmoil over these past couple of weeks However, the Prime Minister Theresa May seems to be capable of holding on to only one thread. In an effort to ease the political and economic crisis that she faced, she fired Kwasi Kwarteng as her chief of staff at the Treasury. William Hague, a former Conservative leader, has stated that Truss’s leadership was hanging by an thread’. It’s easy to comprehend why. In order to calm the financial markets which were in turmoil for three weeks now Truss reduced parts from her controversial economic program and dismissed Kwasi Kwarteng.

1. Did there exist an economic or political crisis that led to Kwasi Kwarteng’s firing?

Recent years have seen the United Kingdom has experienced an financial and political turmoil that resulted in the dismissal of Kwasi Kwarteng. The global financial crisis in between 2008 and 2016, as well in the Brexit referendum which followed and triggered the crisis, all have contributed to the crises. It has resulted in lower optimism about the economy of Britain and a rise of inflation and unemployment. This crisis has prompted government officials in the UK government to take some tough measures, such as tax increases or cuts to spending. The consequences of these decisions are lower living standards as well as an increase in poverty.

2. Was Kwarteng’s firing and the removal of the economic package a success?

The firing of Kwarteng and the reversal of the economic package was designed to signal to the UK that the government was serious about making tough choices in the face of financial uncertainty. It was believed that the actions would inspire consumers and firms to invest in and spend once more to support the economy.

A Quick Review

In conclusion, it’s clear the fact that Jeremy Hunt is prepared to take some tough decisions in order to turn the Truss administration round. Hunt has already publicly announced a reversal of his predecessor’s tax-cutting approach, and it is likely that additional changes are in the near future. It will be interesting to see how much this change will suffice to save the Truss administration However, it’s definitely already a positive step in the right direction.