'Out of his depth': Kwarteng urged to quit as Chancellor after destroying economy

Kwasi Kwarteng has been urged to leave his post as Chancellor by the SNP and the Scottish Greens
Kwasi Kwarteng has been urged to leave his post as Chancellor by the SNP and the Scottish Greens

CHANCELLOR Kwasi Kwarteng is being urged to quit after taking a “wrecking ball” to the UK’s finances.

The SNP and the Scottish Greens have both said Kwarteng must go after his tax-slashing mini-budget announcement sparked a week of economic turmoil.

In the aftermath of the Chancellor’s announcement – which included the abolition of the 45p income tax rate for people on more than £150,000 – the pound plummeted to a record low against the US dollar, before the Bank of England was forced to make an emergency intervention to save pensions.

It also saw the International Monetary Fund (IMF) make an extraordinary statement, urging Kwarteng to “re-evaluate the tax measures” which it claimed would increase inequality.

The Bank of England has said it will not hesitate to hike interest rates beyond the lofty 2.25% they currently sit at and experts are predicting they could hit 6% next year if the UK Government continues on the current trajectory.

Ian Blackford, the SNP's Westminster leader, said the Chancellor should resign after leaving millions of families in distress, while the Greens have urged Prime Minister Liz Truss to sack him straight away.

It comes after the Office for Budget Responsibility (OBR) confirmed they offered to provide a forecast to the Chancellor to go alongside his fiscal statement, but that it was not commissioned by the UK Government. The forecast is set to be published on November 23, when Kwarteng will set out his medium to long-term fiscal plan.

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Blackford said: “It’s time for this clueless Chancellor to pack his bags and go.

“Alongside the Prime Minister, Kwasi Kwarteng has taken a wrecking ball to the UK’s finances, leaving millions of families across the UK in deep distress.

“And now we are being told that despite the OBR publishing their forecast to the UK Government, the Treasury will delay the publication until November 23. This is simply unacceptable.

“Within days of taking office, we have once again seen the devastating consequences of Scotland being shackled to this outdated, corrupt Westminster system. People’s mortgages, pensions and savings are all being badly hit – and yet the Tories have no plan to fix it.

“Instead of trying to dodge accountability, the Chancellor must do the honourable thing and resign – and if he doesn’t he should be sacked.”

Greens economy spokesperson Maggie Chapman has accused Kwarteng of being “utterly out of his depth” but insisted the buck stopped with the PM.

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She said: “The Chancellor has shown he is completely and utterly out of his depth. The Prime Minister must remove her long-time friend from office before he can inflict any more damage.

“His downright dangerous mishandling of the UK economy will impact millions of households and families.

“Ultimately the buck stops with Liz Truss, and she must act to restore public confidence.

“She has been utterly complicit in the Chancellor’s announcements. They will both be judged on what it is they do next.

“If she won’t go, she should at least do the next best thing and show the Chancellor the door, for all our sakes.”