The Chancellor of the Exchequer, Britain’s finance minister, holds a subordinate position to the Prime Minister, who holds the formal title of First Lord of the Treasury. This hierarchy was evident on October 14th when Liz Truss, who assumed office as Prime Minister on September 6th, dismissed Kwasi Kwarteng.
Despite being a close political ally of Truss, Kwarteng bore the responsibility for the financial and political turbulence resulting from his mini-budget on September 23rd. His tenure lasted a mere 39 days, illustrating the precarious nature of his position, although not the shortest in the office’s long history dating back to the Middle Ages.
Mr. Kwarteng’s chancellorship ranks as the second shortest of modern times, trailing only Iain Macleod, who tragically passed away on his 31st day in office in 1970. Preceding Kwarteng, Nadhim Zahawi served as chancellor for just 64 days. Surprisingly, Zahawi’s tenure wasn’t even the shortest of the year.
Until three years ago, most modern chancellors enjoyed lengthy tenures, typically spanning several years. Stability in this office, coupled with a strong relationship with the prime minister, symbolized continuity in government.
Gordon Brown holds the record as the longest-serving modern chancellor, with a decade-long tenure before ascending to prime minister following Tony Blair.
Similarly, George Osborne served as David Cameron’s sole chancellor. However, disruptions, such as Nigel Lawson’s resignation as Margaret Thatcher’s second chancellor in 1989, could precipitate political upheaval.
In recent years, turmoil within Britain’s Conservative Party has led to rapid turnover in the chancellor position. Jeremy Hunt, Mr. Kwarteng’s successor, marks the sixth chancellor in just over three years.
The cycle of change began when Boris Johnson replaced Theresa May as prime minister in July 2019, resulting in Philip Hammond being succeeded by Sajid Javid. However, Javid’s tenure was short-lived, as he fell out with Johnson in less than seven months.
Subsequently, Rishi Sunak resigned this year, pressuring Johnson to step down from office. Nadhim Zahawi temporarily filled the role while the Tories selected a new leader. Now, Liz Truss’s tumultuous start has cost her ally his position, potentially jeopardizing hen standing.
