On Friday, British Prime Minister Liz Truss announced a press conference. Many are now expecting the finance minister's head to roll.
The background is the great turmoil in the financial markets after Truss and Kwarteng presented their controversial budget proposal.
According to Reuters, the press conference will take place at 3pm. Details of the topic are not known, but Sky News suggests that plans to cut corporate tax may be dropped. Sources in the political environment also tell the channel that Finance Minister Kwasi Kwarteng may be fired.
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- Inevitable
This is also reported by the major newspaper the Financial Times, which refers to two centrally located government sources. Prime Minister Liz Truss' office declined to comment on the matter, citing that they would not comment on "speculation".
Sky News, for its part, refers to a former British minister who says it is "inevitable" that Kwarteng will have to go. The channel also speculates on who could possibly take over the job, and refers to Simon Clarke who is currently responsible for the reform project which has been named Levelling Up.
On Thursday, Kwarteng interrupted his trip to Washington, where he attended meetings organized by the International Monetary Fund (IMF).
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Hard drive
Criticism has been hurled at Kwarteng and Truss after the presentation of the budget proposal, a so-called "mini-budget". It contained the biggest tax cuts in 50 years and greater borrowing, at the same time that Britain is in the middle of an economic crisis with rising interest rates and high inflation.