British-born Ghanaian UK Finance Minister, Kwasi Kwarteng, has been relieved from his post by the British Prime Minister, Liz Truss. According to a Reuters report attributing the development to the UK Times newspaper, Liz Truss is preparing to reverse a decision announced in the country's mini-budget which was delivered by Kwasi Kwarteng. The mini-budget has since sparked financial turmoil in the markets and caused a revolt among Conservative MPs in the UK. "I'm told that Kwasi Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-Budget," Steven Swinford, Political Editor of The Times said on Twitter. "Not clear who will be replacing him," Swinford added. Kwasi Kwarteng was recently appointed to serve as Chancellor of the Exchequer, United Kingdom where he served for six weeks. His appointment came at a crucial time when the country is facing a high cost of living, public sector layoffs, and among others. Kwasi Kwarteng after his appointment became the first black person to hold the position. British Prime Minister to announce tax cuts: Meanwhile, it is expected that Prime Minister, Truss will hold a news conference in due course, as speculation builds that the government could reverse more of the tax cuts announced in its mini-budget. Earlier, a No 10 Downing source told the BBC that Truss thought the chancellor was "doing an excellent job" The PM faces growing calls from within her party to rethink her economic plans, with one Tory MP telling the BBC: "It's checkmate, we're screwed”, the BBC further reported. Background: Kwasi Kwarteng, 47, took over as head of the British Treasury in September 2022, after new UK Prime Minister, Liz Truss, took over; with the responsibility of trying to pull the UK out of a serious cost-of-living crisis without plunging the public finances into the abyss. He took over from Nadhim Zahawi, an Iraqi-born Kurd, who himself succeeded Rishi Sunak, of Indian origin, and Sajid Javid, with Pakistani roots, embodying a more inclusive face of the Conservative party. His sack makes him the second shortest-serving UK chancellor on record. The shortest serving chancellor, Iain Macleod, according to the BBC, died of a heart attack 30 days after taking the job in 1970. Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days - the fourth shortest tenure on record. Read the post below:

EXCLUSIVE: I'm told that Kwasi Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-Budget Not clear who will be replacing him Events moving very, very quickly this morning No 10 not commentinghttps://t.co/LoUAVxD00N— Steven Swinford (@Steven_Swinford) October 14, 2022 MA/ESA Watch the latest episode of BizTech below: