BBC Pidgin of Friday, 14 October 2022

Source: BBC

Why Kwasi Kwarteng chop sack as UK chancellor afta 38 days

Kwasi Kwarteng former chancellor Exchequer Kwasi Kwarteng former chancellor Exchequer

Former British foreign minister Jeremy Hunt don become di UK new finance minister afta Kwasi Kwarteng chop sack as chancellor. Prime Minister Liz Truss bin ask Kwarteng to stand aside afta im "mini-budget" pledging of £45bn of tax cuts, wey go dey funded by borrowing cause kasala for di UK economy. Di move bin make di UK currency, Pounds Sterling lose value for global markets. Kwarteng now na Britain second shortest-serving chancellor, as e serve for di role for just 38 days. Di long-time supporter of Prime Minister Liz Truss wey some don tok say Kwarteng na her political soulmate afta she appoint am on 6 September. Di former chancellor take ova for critical time for di UK economy, as millions of pipo dey find solution to rising winter energy bills. Prime Minister Liz Truss for press conference bin hail Kwasi Kwarteng, and thank am for im "huge friendship and support". For inside one letter, she claim say na Kwarteng chose to resign, she say di decision dey for “national interest”. Truss says she dey "incredibly sorry" to lose Kwasi Kwarteng as chancellor. but her new Chancellor Jeremy Hunt go drive her mission to "go for growth" and bring togeda di reforms wey di UK need. Wky Kwasi Kwarteng chop sack? Kwasi Kwarteng challenge start afta e put out one UK Economic policy – di mini-budget - wey go cut di top tax rate from 45% to 40% from 23 April, 2023. Dis plan make di UK pound drop as investors run. For di mini-budget e present on 23 September, Chancellor Kwarteng bin show wetin e describe as di biggest tax cuts for di generation. Di mini budget wey also promise large tax cuts for rich pipo trigger major backlash both from di public and di markets. E bin make di pound to record low against di dollar and dis one cause make di cost of goment borrowing and mortgage rate go up. For inside letter to di PM, oga Kwarteng say Ms Truss vision for economic growth dey "right" and im still support am. For days, Ms Truss bin face calls to drop parts or all of her economic planso dat di market go coole and reassure her party, wey fail for di polls. Who be Kwasi Kwarteng Kwasi Kwarteng na long-time ally of Prime Minister Liz Truss. Im bin study for di ogbonge Eton college on scholarship. As e follow become di first black Conservative cabinet minister for 2021. Kwarteng study classics and history for Trinity College, Cambridge, and get PhD for economic history. Oga Kwarteng parents come UK from Ghana as students for di 1960s. Dem born am for East London for 1975. Im economist papa and barrister mama give am di traditional Ashanti first name, wey mean "born on Sunday", wen actually na Monday dem born am. E don work for finance before im time in politics, and don write a book about di legacy of di British Empire.