- UK’s Finance Minister Kwasi Kwarteng has been fired by Prime Minister Liz Truss.
- Kwarteng sets a record for serving the shortest tenure in the parliament as a Finance Minister.
- Kwarteng recently unveiled a new fiscal strategy in an effort to revive the economy.
UK’s Finance Minister Kwasi Kwarteng has been fired from the parliament by newly appointed Prime Minister Liz Truss in a bid to survive the market and political turmoil gripping the country.
The former Finance Minister penned an emotional message on Twitter:
pic.twitter.com/4nvtyGWCoA— Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022
Kwarteng sets a new record for serving the shortest tenure in the parliament as a Finance Minister. His reign lasted less than six weeks. Moreover, the departure of Kwarteng, who was a staunch believer in crypto, leaves the future of the country’s stablecoin laws uncertain.
In detail, under Kwarteng’s wing, the U.K. government was considering different legislative paths to regulate stablecoins and determine crypto’s role in the economy. The sudden departure will leave the fate of draft laws to regulate stablecoins in the hands of the new minister. Earlier in May, the Prime Minister’s office introduced two bills on the potential seizure of and regulatory support for cryptocurrencies.
Kwarteng’s replacement as the next Finance Minister has been named Jeremy Hunt, a former Health Secretary, and Foreign Secretary. Edward Argar took over as chief secretary to the Treasury for the former, Chris Philp.
On September 23, Kwarteng unveiled a new fiscal strategy, fulfilling Truss’s goal for major tax cuts and regulatory reform in an effort to shock the economy out of years of slow development. The Financial Services and Markets Bill has provisions to give these cryptocurrencies legal status.
However, the bill was scheduled to be debated in the House of Commons committee next Wednesday. With the departure of Kwarteng, its fate remains unclear.
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