British PM Truss fires finance minister, backtracks on corporate tax rate

Proposed budget "went further and faster than markets were expecting," PM claims.
Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng, Oct. 4, 2022

British Prime Minister Liz Truss on Friday announced she had fired her chief finance minister and was backtracking on a controversial tax policy that had generated controversy when she proposed it just last month. 

Truss said during a news conference on Friday that former Chancellor of the Exchequer Kwasi Kwarteng had left her administration. "My priority is making sure we deliver the economic stability that our country needs," she told reporters. 

The prime minister said the government would raise corporate tax rates on British companies to the tune of around £18 billion, a reversal from last month when she said no hike was forthcoming. 

Truss said she had asked MP Jeremy Hunt to serve as her new finance minister. 

"He is one of the most experienced and widely respected government ministers and parliamentarians," Truss said. "And he shares my convictions and ambitions for our country."