You have asked me to stand aside as your Chancellor (of the Exchequer). I have accepted,” he wrote in a letter to Truss, which was published on his Twitter account.
Former foreign secretary and former Tory leadership candidate Jeremy Hunt has been appointed as Kwarteng’s replacement.
Kwarteng’s departure comes after a month in the job — and three weeks after he announced a tax-cutting “mini budget” that sent the pound plunging to record lows against the US dollar.
The response from markets was so ferocious that the Bank of England intervened to prevent pension funds from being caught up in the chaos, as borrowing and mortgage costs surged.
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