British Pound: UK Chancellor Kwarteng Sacked, PM Budget U-Turn Expected

From dailyfx.com

The UK political scene is an absolute shambles at the moment with Chancellor of the Exchequer Kwasi Kwarteng being ousted after just six weeks in office, while PM Liz Truss is said to be making a huge U-turn on her recent mini-budget later today. It looks as though Kwarteng is carrying the can for the recent mini-budget that has been derided all around. Over the last few days, both Kwarteng and PM Truss have said that the mini-budget will not be changed or amended, although it now seems that one of the major pillars of the budget, a cut in corporation tax will be reversed. The Chancellor has already had to do a ... (full story)