Some 17 hours ago, the British-born Ghanaian finance minister of the UK, Kwasi Kwarteng expressed confidence in his decision to reverse £43 billion tax cut package in the country’s mini-budget. Kwarteng, who held the position as the first Black person, reversed the decision shortly after presenting the UK's mini-budget, resulting in financial turmoil in the markets and widespread backlash against the tax cut. The decision also caused a revolt among Conservative MPs in the UK, but Kwasi Kwarteng remained steadfast. In an interview with the BBC, he insisted he was "not going anywhere" despite admitting the market turbulence was caused in part by the policies announced in the mini-budget. When questioned if he will yet again make a U-turn on certain sections of the mini-budget, Kwasi Kwarteng said "our position hasn't changed." He was also asked if he was confident that he and British Prime Minister Liz Truss would remain in their positions in the coming months, to which he boldly said, "absolutely, 100%." But the stance has now changed as Kwasi Kwarteng has been fired from his position as the UK Chancellor of the Exchequer after serving in office for six weeks. The announcement was made on Friday, October 14, 2022, after he was reported to have rushed back to the UK while attending the IMF/World Bank annual meetings in Washington DC, USA. 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. MA/FNOQ Watch the latest episode of BizTech below: