Kwasi Kwarteng says he has accepted decision to stand aside as chancellor

In a statement, the now-former Chancellor of the Exchequer Kwasi Kwarteng says he has accepted the decision by U.K. Prime Minister Liz Truss to leave. Kwarteng says Truss’s vision of optimism, growth and change was right, but the “economic environment has changed rapidly” after the presentation of the mini budget. He said it was an honor to serve as her first chancellor and that he would support both Truss and his successor. Gilt yields have dropped on Friday on indications many of the planned tax cuts will be reversed, though the pound GBPUSD, -0.86% has dropped, trading around $1.12 versus $1.1331 on Thursday.