In a letter to Prime Minister Liz Truss, the now-former UK finance minister Kwasi Kwarteng expressed his acceptance of her decision to relieve him of his duties.

Kwarteng was fired on Friday, October 14 as a result of fallout from a mini-budget he delivered. Kwarteng was the Chancellor of the Exchequer of the United Kingdom for only six (6) weeks.

The budget has since prompted market instability and a rebellion among UK Conservative parliamentary members.

The Ghanaian, who was born in Britain, confessed in a statement made public after his dismissal that he knew even before accepting the position that he could not follow in the footsteps of those who came before him and that he would need to take more extreme measures.

He also admitted that the UK's current economic challenges remain a daunting one for all.

“You have asked me to stand aside as your Chancellor. I have accepted."

“When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

“As I have said many times in the past weeks, following the status quo was simply not an option,” he wrote in a statement.

Kwasi Kwarteng also explained that while the challenges exist, he is optimistic in the vision of the Prime Minister, knowing too from many years of friendship with her that she is making the right decision.

“For too long this country has been dogged by low growth rates and high taxation - that must still change if this country is to succeed.

“The economic environment has changed rapidly since we set out the Growth Plan on September 23. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication.

“It is important now as we move forward to emphasise your government's commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.

“We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first Chancellor,” he wrote.

Kwasi Kwarteng’s six-week tenure as the Chancellor of the Exchequer of the UK has been dogged with a few major incidences, including the British press calling him out for smiling during the funeral of Queen Elizabeth II.

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.

Kwasi Kwarteng became the first black person to become UK’s Chancellor of the Exchequer (Finance Minister) following his appointment by UK Prime Minister, Liz Truss, on September 6, 2022.

Kwarteng was born Akwasi Addo Alfred Kwarteng in Waltham Forest, East London, in May 1975 to Ghanaian parents, Alfred and Charlotte, who had both immigrated to the United Kingdom a decade earlier as students.

His parents, who went on to become an international economist and a barrister respectively, sent him to an expensive private prep school that produced numerous Cabinet-level politicians. He then attended the famous Eton college — a production line for British leaders including Boris Johnson and David Cameron.