U.K. Markets Slump Despite Kwasi Kwarteng’s Ouster Kwasi Kwarteng, the chancellor of the Exchequer, was fired on Friday by Prime Minister Liz Truss in a bid to end weeks of market turmoil.
British Pound Sinks as Markets React to U.K. Government Tax Cuts Stocks, bonds and the pound were jolted by policy details from the new government that entailed a huge rise in borrowing.