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Kwasi Kwarteng has become the second shortest-serving chancellor in UK history.

Just behind Conservative Ian Macleod, who died of a heart attack 30 days after he took the job in 1970, Mr Kwarteng lasted just 38 days in his role.

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The rise and fall of Kwasi Kwarteng

Unapologetic Truss says she ‘acted decisively’ – follow politics latest

Here Sky News looks back at his short time at Number 11 Downing Street.

6 September

After being elected prime minister by 57.4% of Conservative Party members the previous day, Liz Truss appoints Kwasi Kwarteng as her chancellor.

He was previously secretary of state for business, energy and industrial strategy.

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Friends for over a decade and described by some as “ideological soulmates” and “Batman and Robin”, Ms Truss and Mr Kwarteng even live on the same street in Greenwich, southeast London.

In 2012 they co-wrote a book called ‘Britannia Unchained: Global Lessons for Growth and Prosperity’ about the UK’s post-Brexit potential.

Political Book Awards 2013 at the Bfi Imax Southbank Kwasi Kwarteng and Elizabeth Truss

8 September

A House of Commons debate on the energy crisis is interrupted by news that the Queen is gravely ill.

Prime Minister Liz Truss and Labour leader Sir Keir Starmer are rushed out of the chamber.

At 6.30pm it is announced that the Queen has died.

Parliament is suspended and due to return on 21 September.

Plans for a so-called ’emergency budget’ earmarked for 19 September are delayed for the Queen’s funeral to take place.

10 September

The chancellor is among members of the cabinet to meet the new King at Buckingham Palace with the prime minister.

19 September

The Queen’s state funeral takes place at Westminster Abbey.

Mr Kwarteng is among the first recognisable faces to arrive but sparks outrage when he is seen laughing with colleagues ahead of the service.

21 September

When MPs return to the House of Commons, Liz Truss unveils her first major policy of her premiership – an ‘Energy Price Guarantee’ to help reduce people’s utilities bills.

Amid the cost of living crisis, Ms Truss caps energy prices per unit and claims the average household will not pay more than £2,500 a year in bills for the next two years.

She also lays out a six-month support scheme for businesses, which were previously unprotected by any cap.

The policy is estimated to cost £60bn, sparking concerns the government is borrowing too much money.

Mr Kwarteng says it will “bring security, growth to the economy and secure a better deal from consumers”.

23 September

The chancellor unveils his ‘mini-budget’ in the House of Commons. The government insists it is not a ‘mini-budget’ but a ‘fiscal event’. Mr Kwarteng refers to it as ‘The Growth Plan’.

Describing it as the “biggest package in generations”, he tells MPs he “won’t apologise” for trying to deliver growth with a series of dramatic tax cuts.

Chancellor of the Exchequer Kwasi Kwarteng

They are set to cost the public purse £45bn and include:

• Abolishing the 45% higher rate of income tax
• Cutting the basic rate of income tax to 19%
• Scrapping the planned increase in corporation tax from 19% to 25%
• Reversing Rishi Sunak’s National Insurance Health and Social Care levy
• Increasing the threshold for stamp duty payments to £250,000 – and £425,000 for first time buyers
• Scrapping planned curbs on banker’s bonuses

Mr Kwarteng claims the measures will “simplify” the UK tax system and make Britain “more globally competitive”.

The mini-budget is not accompanied by the normal costing plans from the Office for Budget Responsibility (OBR) as the government says it is not a traditional budget.

This means no one will know how it will be paid for until Mr Kwarteng’s next announcement on 23 November.

26 September

When trading resumes on global financial markets for the first time after the chancellor’s mini-budget, they react badly.

Experts claim this is because of a loss of confidence in the UK’s ability to pay its debts.

The pound falls by 5% to a record low against the dollar – at $1.0327.

Interest – or yields – on 10-year UK government bonds – or gilts – hit their highest since 2010 at 4.15%.

The Bank of England issues a statement saying it “will not hesitate to change interest rates as necessary”.

Mr Kwarteng says of the financial turmoil: “We’ve got to have a much more front-footed approach to growth and that’s what my Friday statement was all about.

“I think that if we can get some of the reforms… if we get business back on its feet, we can get this country moving, and we can grow our economy, and that’s what my focus is 100% about.”

28 September

The Bank of England makes the highly unusual move of agreeing to buy up UK government bonds for a set period of two weeks.

It says this is because if “dysfunction in this market continues or worsens, there would be a material risk to UK financial stability”.

Sky News’ economics and data editor Ed Conway claims that had the central bank not acted whole pension funds were at risk of dissolving by that afternoon.

Reports then begin to emerge of the PM being under pressure to sack her chancellor for causing market instability.

Liz Truss agreed to a government statement after a meeting with Chancellor Kwasi Kwarteng. Pic: AP
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Pic: AP

29 September

The independent body responsible for economic forecasting, the OBR, confirms in a letter to the SNP’s Ian Blackford that it had offered a forecast for the mini-budget, but the chancellor did not commission one.

Mr Kwarteng also fuels speculation he may only uprate benefits in line with people’s earnings – not inflation – a manifesto promise of Boris Johnson’s.

He said: “We are talking about helping people in the round. It is premature for me to come to a decision on that. But we are absolutely focused on making sure that the most vulnerable in our society are protected through what could be a challenging time.”

A YouGov poll reveals Labour has surged to a 33-point lead over the Conservatives.

30 September

In The Daily Telegraph, Kwasi Kwarteng promises a “credible plan” to get government spending under control.

He reaffirms his commitment to a full OBR report on 23 November.

1 October

A new poll by Opinium shows Liz Truss is less popular than Boris Johnson, and that Labour is well ahead of the Conservatives.

According to the results, the Tories have just 27% of the vote, while Labour boast 46%.

2 October

The Conservative Party conference begins in Birmingham.

In an interview with the BBC, Ms Truss admits she and Mr Kwarteng “should have laid the ground better” and says “I have learnt from that”.

On uproar over the 45% top rate tax cut, she appears to blame her chancellor, saying it was a decision made by him and something he didn’t discuss with the cabinet.

Read more:
From Eton scholar to chancellor that went spiralling
Truss: I want to be honest, this is difficult

Michael Gove also appears on the same programme to say the top tax rate cut was a “mistake” and that he may not vote for it.

An article in The Sunday Times claims that Mr Kwarteng met hedge fund managers in London before his mini-budget where they “egged him on” to pursue his sweeping tax cuts that would benefit them. This is denied by the government.

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Kwasi Kwarteng’s party conference speech in full

3 October

On the day of his speech at the Tory Party conference, the chancellor tweets: “It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country

“As a result, I’m announcing we are not proceeding with the abolition of the 45p rate of tax.

“We get it, and we have listened.”

His speech sees him admit: “What a day, it has been tough but we need to focus on the job in hand.”

Referring to his earlier U-turn, he adds: “We need to move forward. No more distractions. We have a plan and we need to get on and deliver it. That is what the public expect from the government.”

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Moment Chancellor U-turns on tax rate

4 October

House of Commons leader and former Tory leadership candidate Penny Mordaunt insists that benefits should be uprated with inflation after rumours swirled that the PM and chancellor could be looking at linking them to people’s earnings to save money.

Reports emerge that in one conversation the chancellor blamed the “pressure” of the Queen’s death for any mistakes made in government.

5 October

In her speech that closes the party conference, Liz Truss pays tribute to her “dynamic” chancellor.

“Whenever there is change, there is disruption,” she says.

6 October

The chancellor holds a meeting with executives from some of the biggest UK High Street banks, including Barclays, Lloyds and NatWest, amid soaring interest rates on mortgages and hundreds of deals being withdrawn over uncertainty in the market.

10 October

Kwasi Kwarteng confirms he is bringing forward his costing of the mini-budget from 23 November to 31 October.

In a letter to the chairman of the Treasury Select Committee, he says: “I have previously written to inform you that an economic and fiscal forecast will be published alongside the Medium-Term Fiscal Plan on 23 November. I have decided to bring this date forward to 31 October.”

11 October

Appearing in front of MPs for the first time since his mini-budget, Mr Kwarteng promises his upcoming economic plan will be “relentlessly upbeat”.

He promises it will be an “absolute iron commitment to fiscal responsibility” and accompanied by a full OBR forecast.

On the same day, the Institute for Fiscal Studies publishes a report that says the government must save at least £62bn to restore market confidence.

Chancellor of the Exchequer Kwasi Kwarteng and Liz Truss

12 October

The chief economist of the International Monetary Fund (IMF) tells Sky News that the mini-budget “complicated” the Bank of England’s plans to bring down inflation.

In her first Prime Minister’s Questions since the mini-budget, Ms Truss says that she will not cut public spending to balance the books.

13 October

Kwasi Kwarteng travels to Washington DC for talks with the IMF, which has called for the UK to focus on tackling inflation before it looks at growth.

But the chancellor’s trip is cut short, with sources claiming he needs to return early for discussions on his ‘medium-term fiscal plan’.

At home, Liz Truss faces mounting pressure to resign or sack her chancellor as more of her MPs threaten to rebel.

Chancellor of the Exchequer Kwasi Kwarteng (second left) arrives at London Heathrow Airport after travelling on a flight from the US ahead of schedule for urgent talks with Prime Minister Liz Truss as expectations grow that they will scrap parts of their mini-budget to reassure markets. Picture date: Friday October 14, 2022.

14 October

Friday’s edition of The Daily Telegraph sees Mr Kwarteng vow: “I’m not going anywhere.”

He is later seen entering Downing Street via a back entrance shortly before rumours he has been sacked are confirmed.

Mr Kwarteng issues a statement saying: “You have asked me to stand aside as your chancellor. I have accepted.”

He acknowledges “we have been colleagues and friends for many years” and stresses “your vision is the right one”.

Ms Truss replies: “As a long-standing friend and colleague, I am deeply sorry to lose you from the government.”

Newly-installed chancellor was questioned by journalists after he replaced sacked former chancellor Kwasi Kwarteng.

In contrast to his claims “you asked me to stand aside” she says: “I deeply respect the decision you have taken today.”

In a news conference hours after, she admits “this is difficult” and U-turns on her plans for cutting corporation tax.

Mr Kwarteng is replaced as chancellor by Jeremy Hunt – a former health and culture secretary.

:: The new chancellor, Jeremy Hunt, will be speaking to Sky News from 7am today

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Colombia is high on Trump’s troublemaker list – but coca farmers will keep producing to match US demand

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Colombia is high on Trump's troublemaker list - but coca farmers will keep producing to match US demand

“Listen man, we’re a narco state, it’s just how it is, if you want to see drug deals, I’ll show you drug deals – it’s Colombia.”

I’d only asked one of our Colombian producers in passing if it was possible to see drugs being traded on the streets of Medellin. I didn’t realise it was that simple.

Medellin is synonymous with drugs and cartels. The home of perhaps the most famous of all the drug lords, Pablo Escobar, it seems to revel in its notoriety.

There are pictures of Escobar everywhere, on posters, on caps, and on t-shirts. There are even guided tours to his grave, and a museum in his honour.

Stuart Ramsay speaks with a coca farmer, who earn very little from growing the crop
Image:
Stuart Ramsay speaks with a coca farmer, who earn very little from growing the crop

This is where the big business drug cartels were born, invented by Escobar himself, the original Latin American “Godfather”.

In an infamous district in Medellin, we were instantly confronted with the sounds of dealers on the streets shouting out their products for sale as we drove through.

“Cocaine! Pills! Ecstasy! Tusi!” they shouted. All available to a traffic jam of cars waiting to buy.

More on Colombia

Motorcycle delivery drivers queued to make the pick-up for their clients waiting in high-end apartments and nightclubs elsewhere in the city, while buyers on foot discreetly scored their drugs, before moving on.

Medellin was the home of Pablo Escobar and drugs are widely traded on its streets
Image:
Medellin was the home of Pablo Escobar and drugs are widely traded on its streets

‘Narco’ culture

It was chaotic and noisy, a place where lookouts use whistles to send signals to the dealers.

Two toots mean it’s all clear, a single toot is a warning – it means the police are nearby.

In the middle of this big open-air market for drugs, dimly lit restaurants and cafes served dinner. We passed one café where we saw a family sat at a table outside, celebrating a woman’s 70th birthday.

This neighbourhood runs a 24-hour drug selling market alongside the usual shops and cafes that spill over on to the pavement.

It is not illegal to grow coca, only to use it to produce cocaine
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It is not illegal to grow coca, only to use it to produce cocaine

Although Colombia has a long history and fascination with “narco” culture and drug-taking, its immediate problem is that President Donald Trump has launched a war on Latin American drug cartels, manufacturers, and the nations the drugs come from – and through.

Venezuela is at the top of his hit list; he has launched strikes on boats off the Venezuelan coast that he says were carrying drugs. He has boosted American military presence in the Caribbean – sending ships, marines, helicopters, drones and jets into the region.

There is speculation he may be looking for regime change in Venezuela, and that the war on drugs is a front to remove President Nicolas Maduro from power, claiming the Venezuelan government is basically a drug cartel. Something they of course deny.

This coca plantation was hacked into the rainforest on the border of Colombia and Peru
Image:
This coca plantation was hacked into the rainforest on the border of Colombia and Peru

None of this bodes well for Venezuela’s neighbour Colombia, indeed President Trump has made it clear Colombia is high on his list of troublesome nations.

Read more:

Trump’s declared war on drug cartels – Ecuador is taking action
Greta Thunberg removed from Gaza aid flotilla after ‘attack’ by Israel

There are other countries on his list, like Mexico, that he says has demonstrated willingness to clean up their act and take the war to Mexico’s deadly cartels.

Mr Trump’s gripe with Colombia isn’t necessarily that its society has a relaxed attitude to drug use – it is widespread across all classes – no, his problem is that Colombia is one of the biggest producers of cocaine in the world, and it feeds the biggest market, which is the United States of America.

Coca plantations are hidden miles away from other people in the Amazon
Image:
Coca plantations are hidden miles away from other people in the Amazon

Hidden away, miles from people

It seems that the president’s view is that the supplier is the problem, not necessarily the user.

Cocaine is extracted from the coca leaf, which is grown in abundance in Colombia, Peru, and Bolivia.

Growing the coca plant in these countries is not illegal, and the leaf itself is often used for other purposes. The plant only becomes illegal when it’s used for cocaine production.

I wanted to meet the farmers who grow coca to find out if they are the masterminds of a multi-billion-pound international drugs business, or just farmers meeting international demand.

My journey began just after dawn in pouring rain on the Amazon River in Colombia.

Perhaps unsurprisingly the plantations are hidden away in remote areas, miles away from people.

Stuart Ramsay in the rainforest
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Stuart Ramsay in the rainforest

We travelled for hours in the rain, on a small boat with a guide, passing indigenous communities who have nothing to do with the business hiding in their forest.

The river narrowed as we got closer to our destination, and five hours later, after navigating through broken tree trunks and low hanging branches, we arrived at an eight hectare coca plantation hacked into the rainforest bordering Colombia and Peru.

The crop, which is two-and-a-half years old, is hidden by the trees and the river.

They are about to start harvesting it, but it’s incredible just how many leaves they need.

The farmer says that for every 70 grams of cocaine produced, the cartel producers need 30 kilograms of leaves.

Colombia is one of the biggest producers of cocaine
Image:
Colombia is one of the biggest producers of cocaine

Only way to provide for his family

That’s a lot of picking – and the farmer will earn just $7 for those 30 kilograms of leaves.

The cocaine business might be incredibly lucrative for the cartels that control it, but at the very bottom the farmers hardly get paid a thing.

And though he is worried about getting caught, the farmer I meet sees it as the only way to provide for his family.

“For me it’s very valuable, it’s my sustenance, the way for sustaining life,” he told me.

“We are aware that illegal processing isn’t good for anybody, not exactly, you can’t say I am doing this, and this is good for people, no, this harms the entire community, everyone,” he explained when I asked him if he was at all conflicted about his crop.

“But we all make sacrifices, and we struggle to make our way in life.”

It’s hard to believe that the global business of manufacturing and shipping cocaine around the world all starts with these fairly innocuous looking coca leaves.

And whatever Donald Trump says, they will keep producing as long as users in America, Europe, and indeed the world, demand it.

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Israel removes Greta Thunberg from Gaza aid flotilla – but says she is ‘safe and healthy’

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Israel removes Greta Thunberg from Gaza aid flotilla - but says she is 'safe and healthy'

Several boats from a large aid flotilla trying to reach Gaza have been boarded by Israeli authorities – with campaigner Greta Thunberg among those removed.

The Global Sumud Flotilla is made up of more than 40 civilian boats with an estimated 500 people onboard, and is trying to break Israel’s sea blockade.

But the attempt appears to have been thwarted – at least for now – by about 20 Israeli ships.

Israel’s foreign ministry said “several vessels” had been “safely stopped” with passengers being taken to an Israeli port.

“Greta and her friends are safe and healthy,” a spokesperson added.

A livestream showed some of the boats in the flotilla as the incident unfolded
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A livestream showed some of the boats in the flotilla as the incident unfolded

A video showed Thunberg sitting on deck while being handed a water bottle and raincoat.

It’s so far unclear how many boats have been intercepted.

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The flotilla ignored requests to turn back and organisers said the interception was illegal as it happened in “international waters” around 80 miles off the coast.

Greg Stoker, a US veteran who’s involved, said water cannon had been used on some of the boats.

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Gaza-bound flotilla ‘aggressively circled’ by warship

The flotilla, which set off from Barcelona and scheduled to arrive this morning, was flanked by NATO warships for some of the journey.

The attempt has received a lot of attention, with Nelson Mandela’s grandson, a former Barcelona mayor and several European legislators taking part.

Israel said the mission was violating a lawful blockade and is only intended to provoke. It also said it had offered a way to deliver any aid peacefully through safe channels.

Organisers said the night-time interception was the second time the flotilla had been approached on Wednesday, after “warships” earlier encircled two of its boats.

The flotilla set off from Barcelona on 31 August and later stopped in Sicily
Image:
The flotilla set off from Barcelona on 31 August and later stopped in Sicily

Last week, drones also reportedly dropped stun grenades and itching powder on some vessels.

Israel didn’t comment, but has said it will use any means to stop the boats getting to Gaza.

Protests have broken out in Italy and Turkey over the treatment of the flotilla.

Italy’s largest union has called a general strike tomorrow, saying the “attack on civilian vessels carrying Italian citizens represents an extremely serious matter”.

Turkey’s foreign ministry called Israel’s interception an “attack” and “an act of terror” that endangered lives of those on board.

Gaza has been dealing with severe food shortages due to the ongoing war.

Thunberg and activist Saif Abukeshek. Pic: Reuters/Nacho Doce
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Thunberg and activist Saif Abukeshek. Pic: Reuters/Nacho Doce

Agencies such as the UN accused Israel of deliberately slowing the delivery of supplies – something it denies.

However, the aid being carried by the flotilla is said to only be a symbolic amount of food and medicine.

An aid boat carrying Thunberg was also intercepted near Gaza in June, with the Swede deported alongside others.

Israel put in it sea blockade when Hamas took control of the territory in 2007 and there have been several attempts to break it since then.

Some of those involved in the latest campaign have said they will start a hunger strike if they’re detained.

Read more:
Hamas’s first reaction to peace plan is telling
What Sky correspondents make of Trump plan

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Will Trump’s Gaza plan bring peace?

Meanwhile, all eyes remain on Hamas and whether it will accept Donald Trump’s peace plan to end the two-year war, sparked by the group’s terror attack on Israel.

The 20-point proposal was unveiled alongside Israeli Prime Minister Benjamin Netanyahu in the White House this week.

Hamas said it would study the plan and consult with other factions, but didn’t give an indication of when it would deliver its verdict.

Mr Trump said on Tuesday he would give the group “three or four days”.

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Taliban internet blackout has created an extreme scenario in Afghanistan with far-reaching consequences

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Taliban internet blackout has created an extreme scenario in Afghanistan with far-reaching consequences

At Kabul International Airport, there are dozens of confused looking families.

Many are holding flowers, waiting and hoping their loved ones will touch down.

Others came here hoping to take-off but are now sitting bewildered in the hot sun.

After the Taliban imposed a nationwide shutdown of the internet, no one knows if any flights are still operating and no one can use their phones to find out.

The Taliban caught many in the country off-guard with their shutdown. File pic: West Asia News Agency via Reuters
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The Taliban caught many in the country off-guard with their shutdown. File pic: West Asia News Agency via Reuters

“I am waiting for my brother from Australia,” one man tells me, “but I don’t know if he’s coming”.

Beyond the gates, the runway is full of grounded planes.

After hours of waiting on Tuesday, no international flights took off or arrived at Kabul Airport, despite some airlines scheduling departures.

The Taliban caught many in the country off-guard with their shutdown – reportedly even some of their own ministers.

Initially, there appeared to be no official indication of how long the shutdown might last or an explanation for why it was imposed.

A man tries to use Google on his smartphone in the Afghan capital. Pic: Reuters
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A man tries to use Google on his smartphone in the Afghan capital. Pic: Reuters

On Wednesday, the Taliban government rejected reports of a nationwide internet ban, saying old fibre optic cables are worn out and are being replaced.

But, at the airport, people worry it could be indefinite. Others speculate about rumours it’s to do with security protocols and the movement of officials in the country.

No one knows, and the TV and radio stations they get their news from have not been providing the latest information.

Men try to connect their smart TV to the internet. Pic: Reuters
Image:
Men try to connect their smart TV to the internet. Pic: Reuters

The banks are open but no one can get out money. An employee at the bank in our hotel in Kabul told us they haven’t been able to open their operating systems since Tuesday morning and that Western Union isn’t accessible either.

That’s hugely significant in a country where many are reliant on money sent back by relatives abroad and banks are already struggling with sanctions.

No one can call the police, no one can call an ambulance, and hospitals and medical services are wrestling with how to adjust too.

It follows more than a week of temporary connectivity issues in some parts of the country, with the northern region of Balkh among the first to be affected by a ban on fibre optic internet.

Read more: Internet ban ‘extinguishing the only light that still reaches us’

Taliban fighters ride on a pickup truck during celebrations marking the fourth anniversary of the US withdrawal. Pic: AP
Image:
Taliban fighters ride on a pickup truck during celebrations marking the fourth anniversary of the US withdrawal. Pic: AP

In the last 10 days, we have been travelling across Afghanistan. People in Nangarhar, Kunar, Mazar-i-Sharif and Herat all expressed concern about possible impending blackouts, and we personally experienced a slowdown in connectivity in these places. But nothing as widespread or sustained as this shutdown which is nationwide.

Two weeks ago, the Taliban’s provincial government spokesman Haji Attaullah Zaid said leader Hibatullah Akhundzada had imposed a “complete ban” on cable internet access in Balkh.

“This measure was taken to prevent immorality, and an alternative will be built within the country for necessities,” Mr Zaid said.

It was said to be connected to concerns around pornography – but this was never officially stated by the Taliban.

We have tried to reach the government for comment via satellite phone but with no success.

No one knows how long the shutdown will last. Pic: Reuters
Image:
No one knows how long the shutdown will last. Pic: Reuters

The blackout has disrupted phone services. In countries with limited telecom infrastructure, phone networks are often routed through fibre-optic systems which have now been disabled.

The lack of connectivity has raised immediate concern in the aid community. Amnesty International called it “reckless” and said the shutdown would have “far-reaching consequences for the delivery of aid, access to healthcare and girls’ education”.

After the Taliban banned school for girls over the age of 12, many in the country have been secretly studying online.

Read more from Sky News:
US government shuts down
Eurovision rebellion emergency vote

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Everyone we’ve spoken to seems dumbfounded.

During the previous temporary blackouts, the Taliban did warn more was to come. But no one appears to have anticipated this – not ordinary citizens, not foreign officials here in Kabul, not big business, not the airlines or the hospitals.

It is an indication of how quickly this country can turn and the power the Taliban has to disrupt and reshape its future.

Internationally, many are raising concerns that this is an attempt by the Taliban at widespread censorship and further restriction of girls’ education.

Whatever the intention of their move, it has created an extreme scenario: no one in this country can currently contact anyone – for an emergency, for a family member, or for guidance – creating a major information vacuum.

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