Kwasi Kwarteng confirms he was asked to ‘stand aside’

Kwasi Kwarteng – who is out of his job as the UK’s chancellor – has confirmed that he was sacked by Prime Minister Liz Truss rather than choosing to leave.

He tweeted a letter confirming the news, saying he was “asked to stand aside”.Kwarteng: ‘We’ve been colleagues and friends for many years’

More details now from the letter published by Kwasi Kwarteng, who’s been sacked as the chancellor.

He wishes Prime Minister Liz Truss well with her plans for the economy, noting that “we’ve been colleagues and friends for many years”.

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He promises his support for Truss from the backbenches.

Kwarteng also acknowledges market turbulence following his mini-budget on 23 September.

He writes that “the economic environment has changed rapidly” since he unveiled his plans, which comprised £45bn of tax cuts funded by government borrowing.

Kwarteng says he took on the job “in full knowledge that the situation we faced was incredibly difficult”.

He appears to stand by the measures that were announced – saying “following the status quo” to address issues such as rising interest rates and energy prices “was simply not an option”.

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