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Rishi Sunak said that Truss' administration had made some "mistakes", and work to correct them would begin immediately.

New UK PM Rishi Sunak sacks Liz Truss' ministers; Dominic Raab deputy PM, Jeremy Hunt stays: reports

Rishi Sunak said that Truss' administration had made some "mistakes", and work to correct them would begin immediately.

Hours after British-Indian politician Rishi Sunak formally took charge as the new Prime Minister of the United Kingdom, reports emerged of several ministers being sacked.
Sunak reportedly sought the resignation of many members of his predecessor Liz Truss' Cabinet, on 25 October 2022. These included Business Secretary Jacob Rees-Mogg, Justice Secretary Brandon Lewis, Work and Pensions Secretary Chloe Smith, Education secretary Kit Malthouse, secretary of state for Wales Robert Buckland, and Development minister Vicky Ford, according to reports.
Dominic Raab was named deputy Prime Minister and new Justice Secretary. Meanwhile, Jeremy Hunt is expected to continue as finance minister. Hunt had replaced Kwasi Kwarteng as the Chancellor of the Exchequer after a disastrous mini-Budget roiled the markets, and eventually led to Liz Truss' ouster.
Earlier in the day, Sunak addressed the nation and said that Truss' administration had made some "mistakes", and work to correct them would begin immediately.

He acknowledged that the mini-budget tabled by Kwarteng at the end of last month had “two mistakes”

New UK finance minister admits mistakes, warns of tax rises

Jeremy Hunt, the new UK Chancellor admitted on Saturday that mistakes were made by his predecessor and signalled a reversal of his tax-cutting approach.

He acknowledged that the mini-budget tabled by Kwarteng at the end of last month had &ldquo;two mistakes&rdquo;

Jeremy Hunt, the new UK Chancellor appointed by Prime Minister Liz Truss after she sacked Kwasi Kwarteng in an attempt to calm the ongoing economic and political crisis, admitted on Saturday that mistakes were made by his predecessor and signalled a reversal of his tax-cutting approach.
Hunt, a former Conservative Party leadership contender who is dubbed as the most powerful man in the UK government as Truss battles to win back her credibility, also indicated that spending cuts would have to be brought in across all state departments to deal with the tough economic climate.
He acknowledged that the mini-budget tabled by Kwarteng at the end of last month had &ldquo;two mistakes&rdquo; &ndash; cutting the 45-pence rate of tax for highest earners, an announcement since reversed, and announcing the tax-cutting package without independent costings by the Office for Budget Responsibility (OBR).
"The way we went about it clearly wasn't right and that's why I'm sitting here now," he told the BBC.
"Taxes are not going to come down by as much as people hoped, and some taxes will have to go up. I'm going to be asking all government departments to find additional efficiency savings," he said.
It indicates a reversal of Truss&rsquo; central theme of lowering taxes on which she had campaigned to win the Conservative Party leadership race against former Chancellor Rishi Sunak.
This means the turbulence at the very top of the UK government is far from over, with disgruntled Tory rebels and Sunak loyalists defiantly against the new leader amid her various U-turns. The fact that she fired Kwarteng just 38 days into the job for announcing policies in the mini-budget that she campaigned for is being seen as an attempt to shift the blame entirely on him for the financial markets chaos that ensued.
Conservative MP Andrew Bridgen, who backed Sunak in the leadership race, said he believes there would "be a challenge to Truss in the next few weeks".
Also watch: <a href="https://www.editorji.com/coronavirus/china-s-ruling-party-defends-zero-covid-policy-amid-rare-protests-against-xi-jinping-1665851751854">China&rsquo;s ruling party defends zero-Covid policy amid rare protests against Xi Jinping</a>
"Dissatisfaction is so high in the parliamentary party. Removing Kwasi Kwarteng when he implemented the policies she asked him to do won't engender loyalty to her," he said.
Former Conservative leader William Hague meanwhile said Truss' leadership is "hanging by a thread". According to party insiders, it is hard to find Tory MPs who do not believe that Truss&rsquo; days at 10 Downing Street are numbered.
"We can't possibly force another Prime Minister out of office, we've just got to calm down and try to give the prime minister our support," said Tory MP and Truss supporter Christopher Chope.
Truss herself has insisted that she would stay on as Prime Minister to get the economy growing.
"I'm absolutely determined to see through what I promised &ndash; to deliver a higher growth, more prosperous United Kingdom to see us through the storm we face," she said at the Downing Street press conference on Friday &ndash; branded the shortest in recent history during which she brushed off questions about her resignation.
It came at the end of a dramatic day of events, which began with Kwarteng flying back early from his Washington trip and ending one of the shortest runs at 11 Downing Street as the UK&rsquo;s Treasury chief in history.

Former British foreign minister Jeremy Hunt has been appointed in his place. 

UK PM Liz Truss sacks Kwasi Kwarteng as Chancellor amid economic turmoil

British Prime Minister Liz Truss has sacked her Chancellor, Kwasi Kwarteng, in an effort to stem the economic turmoil unleashed by his mini-budget at the end of last month. 

Former British foreign minister Jeremy Hunt has been appointed in his place.&nbsp;

British Prime Minister Liz Truss has sacked her Chancellor, Kwasi Kwarteng, in an effort to stem the economic turmoil unleashed by his mini-budget at the end of last month. Former British foreign minister Jeremy Hunt has been appointed in his place.&nbsp;
"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," his resignation letter reads.
Earlier, the finance minister cut short his visit to the US for an International Monetary Fund (IMF) meeting in Washington to fly back for a meeting with his boss. It had triggered speculation over his job and possible U-turns on the tax cuts he had tabled in Parliament, which had resulted in the pound plummeting against the dollar and the Bank of England stepping in to buy the country&rsquo;s long-term bonds to shore up the pension funds.
The estimated GBP 45 billion worth of tax cuts without a detailed funding plan to back it up were seen as disastrous for the UK economy at a time when inflation has already been soaring.
Truss and Kwarteng, who have been close friends for years, had insisted that the turbulence in the UK economy was part of a global problem exacerbated by the Russia-Ukraine conflict induced energy crisis and post-pandemic recovery.
"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," Kwarteng noted in this departure letter.
An open revolt by Tory MPs and a record surge for the Opposition Labour Party in the opinion polls meant his position in Cabinet had become increasingly untenable after Truss announced the first major reversal of mini-budget policies when she backtracked on scrapping the 45-pence top rate of income tax for the wealthiest.
Also watch: &nbsp;<a href="https://www.editorji.com/world-news/we-should-have-laid-the-ground-better-uk-pm-liz-truss-on-controversial-mini-budget-1664709248238">'We should have laid the ground better': UK PM Liz Truss on 'controversial' mini-budget</a>
Another U-turn on the cards is expected to be that the government would raise corporation tax from 19 per cent to 25 per cent in April 2023, as tabled by former Chancellor Rishi Sunak and withdrawn by Kwarteng in his mini-budget.&nbsp;

Ten Conservative lawmakers were officially named on Monday as contenders to become party leader - and replace Theresa May as Britain's next prime minister. Foreign Secretary Jeremy Hunt, former Brexit minister Dominic Raab, Health Secretary Matt Hancock and Environment Secretary Michael Gove, Home Secretary Sajid Javid are all on the final list. The Conservative party will now take part in a series of votes to select the final two candidates.

jeremy hunt

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