UK fires Kwasi Kwarteng, chancellor of exchequer, after 38 days in office

Liz Truss, British prime minister, sacked Kwasi Kwarteng, the country’s chancellor of the exchequer on Friday.

The development comes just 38 days into his appointment, making him the second shortest-serving chancellor since 1970.

The chancellor of the exchequer is the British government’s chief financial minister and as such is responsible for raising government revenue through taxation or borrowing, and controlling overall government spending.

Last month, the United Kingdom government unveiled historic tax cuts funded by the biggest increase in borrowing since 1972.