With Kwasi Kwarteng’s sacking – making his 38-day tenure the second shortest of all chancellors ever – all eyes turn to who his successor will be and who of the prime minister’s cabinet could next face the axe.
Kwarteng’s so-called ‘mini budget’ on 23 September was the largest contributor to his rapid demise, with billions of pounds of unfunded tax cuts sending both the pound and UK markets into turmoil.
The former chancellor’s £43bn tax cut initiative was implemented to try and alleviate some of the pressure on household pockets, which have been squeezed tightly as energy, fuel, food and other prices have been sent skyrocketing following Putin’s inhumane invasion of Ukraine.
Who replaced Kwarteng?
Liz Truss announced the next chancellor within a matter of hours after sacking her long-time political ally on Friday.
Speculation from numerous reports had suggested that deputy prime minister Therese Coffey would be given the nod.
It was, however, former foreign secretary Jeremy Hunt who was selected by the out-of-favour prime minister.
Will Liz Truss leave?
It is unclear whether Britain’s third female PM will be able to survive after ditching her close acquaintance and own beliefs.
Last week, it was reported that Conservative former ministers had been plotting a plan to replace Truss with a caretaker leader, i News commented.
The rebels’ top choice was apparently former chancellor and runner-up to Truss in the race for a new prime minister over the summer, Rishi Sunak, with Penny Mordaunt likely to be a close second preference.
Senior Conservatives have even been contemplating replacing Truss with both Sunak and Mordaunt, according to The Times.
One senior Tory said: “I think everyone feels a bit betrayed by the lack of competence.
“I was telling people she was a safe pair of hands, look at her time as international trade secretary, she’s an operator, she’s been around the block.
“And then she and Kwasi go and make one of the most almighty political errors of our lifetime.”