Kwasi Kwarteng has been sacked as chancellor. Here is his letter to Prime Minister Liz Truss.
Dear Prime Minister,
You have asked me to stand aside as your chancellor. I have accepted.
When you asked me to serve as your chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.
As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation - that must still change if this country is to succeed.
The economic environment has changed rapidly since we set out the Growth Plan on 23 September. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication.
It is important now as we move forward to emphasise your government's commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.
We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first chancellor.
Your success is this country's success and I wish you well.
The prime minister responded as follows:
Dear Kwasi,
Thank you for your letter. As a long-standing friend and colleague, I am deeply sorry to lose you from the Government.
We share the same vision for our country and the same firm conviction to go for growth.
You have been Chancellor in extraordinarily challenging times in the face of severe global headwinds.
The Energy Price Guarantee and the Energy Bill Relief Scheme, which made up the largest part of the mini budget, will stand as one of the most significant fiscal interventions in modern times.
Thanks to your intervention, families will be able to heat their homes this winter and thousands of jobs and livelihoods will be saved.
You have cut taxes for working people by legislating this week to scrap the increase in National Insurance Contributions.
You have set in train an ambitious set of supply side reforms that this Government will proudly take forward. These include new investment zones to unleash the potential of parts of our country that have been held back for too long and the removal of EU regulations to help British businesses succeed in the global economy.
I deeply respect the decision you have taken today. You have put the national interest first.
I know that you will continue to support the mission that we share to deliver a low tax, high wage, high growth economy that can transform the prosperity of our country for generations to come.
Thank you for your service to this country and your huge friendship and support. I have no doubt you will continue to make a major contribution to public life in the years ahead.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
How decline of Indian vultures led to 500,000 human deaths
3 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
4 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
4 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
5 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
6 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
7 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
7 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours -
Pro-NPP group launched to help ‘Break the 8’
8 hours