United Kingdom Chancellor of the Exchequer Kwasi Kwarteng confirmed on Friday he will no longer lead the UK Treasury in a letter he submitted to Prime Minister Liz Truss, saying that it "has been an honor" to serve as chancellor.
He wrote that "the economic environment has changed rapidly" since the announcement of the "growth plan," adding that "it is important" to emphasize Truss's government's "commitment to fiscal discipline."
"The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you [Truss] and my successor to achieve that from the backbenches," Kwarteng pointed out.
According to UK media, besides Nadhim Zahawi and Sajid Javid, Jeremy Hunt has emerged as one of the favorites to take over as chancellor.
