UK Chancellor of the Exchequer Kwasi Kwarteng is out on his ass so that PM Liz Truss (who also holds the title First Lord of the Treasury) can put off going to the country for just a little longer:
Jeremy Hunt has been appointed as Liz Truss’s new chancellor, in a stunning reversal of political fortune and a sign that the beleaguered prime minister wants to reach out to other sections of the Conservative party.
Hunt, the former foreign secretary and health secretary, who has twice tried unsuccessfully to become Conservative leader, was named chancellor after Kwasi Kwarteng, in the job for just over five weeks, was sacked by Truss ahead of another U-turn over tax cuts.
Both Labour and the Liberal Democrats said Truss now needed to stand down. Rachel Reeves, the shadow chancellor, said: “We don’t just need a change in chancellor, we need a change in government.”
Kwarteng now holds the record for the shortest-serving Chancellor ever to survive the office:
Mr Kwarteng, formerly Ms Truss’s close political ally, is carrying the can for the financial and political turmoil unleashed by his mini-budget on September 23rd. His tenure of just 39 days in a job that dates back to the Middle Ages is not the shortest. But it’s not far off....
Mr Kwarteng’s chancellorship is the second shortest of modern times. Only Iain Macleod, who died on his 31st day in office, in 1970, spent less time in 11 Downing Street. Mr Kwarteng’s immediate predecessor, Nadim Zahawi, was chancellor for just 64 days. His tenure, it turns out, was not even the shortest of the year.
Mr Kwarteng’s successor, Jeremy Hunt, is the sixth chancellor in just over three years. Philip Hammond gave way to Sajid Javid when Boris Johnson replaced Theresa May as prime minister in July 2019. Mr Javid fell out with Mr Johnson after less than seven months. Rishi Sunak quit this year to force Mr Johnson from office. Mr Zahawi kept the seat warm while the Tories chose a new leader. And now Ms Truss’s catastrophic start has cost her ally his job. It may yet cost her hers.
The parliamentary system means that the government doesn't have to call an election if they don't want to, though an act passed earlier this year will force Parliament to dissolve five years after its opening. As that won't happen until January 2025, the Conservative Party could continue to drag the country through chaos until just after the end of President Biden's first term. Let's all hope they just get out of the way next spring.