Britain's Prime Minister Liz Truss has fired her finance minister and canceled a planned tax cut for the country's highest earners — efforts designed to calm financial markets and her own conservative party.
Truss has sought to reverse course to some extent by canceling a planned tax cut for Britain's highest earners but has faced sustained pressure to cancel more of her planned measures, amid criticism from legislators from her own party, political opponents, international economists and investors who have continued to divest themselves of British assets.
In a sign of the widespread concern inside her government about the need to rethink the economic strategy of major tax cuts — one of the major elements of her leadership campaign this summer — Kwarteng departed early from Washington, D.C., Thursday evening, where he had been meeting with international counterparts as part of a meeting of the International Monetary Fund.
Prior to her public speech, Truss' office and her supporters had repeatedly said she will not change her broader approach to kick-starting economic growth, and that she and Kwarteng have continued to work together towards a common goal.
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