British PM removes Kwarteng as finance minister amid row over economic plan

Truss had been under intense pressure to scrap some of the £43 billion ($48 billion) in unfunded tax cuts that roiled financial markets and led the BoE to step in to prevent a wider economic crisis

Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on sweeping tax cuts Friday as she tried to hang on to her job after weeks of turmoil in the financial markets.

This even as rebels on the backbenches of the UK’s governing Conservative Party are said to be plotting to replace Truss as party leader and PM with a so-called “unity” joint ticket team involving former leadership rival Rishi Sunak

At a hastily arranged news conference, Truss said she was acting to “reassure the markets of our fiscal discipline” by keeping a planned increase in corporation tax that