LONDON (Reuters) - Britain's second shortest-serving finance minister, Kwasi Kwarteng, who was sacked in 2022 over his disastrous "mini-budget", will not stand for re-election as a lawmaker, he said on Tuesday.
Kwarteng's fiscal plan published in September 2022 formed the biggest package of tax cuts in decades and triggered a meltdown in British financial markets, exacerbated by the structure of pension funds.
Facing a backlash from her fellow Conservative lawmakers, his boss Liz Truss removed Kwarteng after he had served as Chancellor of the Exchequer for just 38 days, before she herself resigned as prime minister just days after.
The events capped a year in which the country saw three prime ministers and four chancellors and hurt Britain's reputation for stability.
Kwarteng said in a post on X he would step down as a lawmaker for Spelthorne, a constituency in southern England, following the end of his parliamentary term, which effectively means he is quitting active politics.
"It has been an honour to serve the residents of Spelthorne since 2010, and I shall continue to do so for the remainder of my time in Parliament," he wrote.
A national election is expected later this year, with Prime Minister Rishi Sunak's Conservatives heavily trailing the opposition Labour Party in opinion polls.