Liz Truss Never Served as Chancellor Liz Truss was not the Chancellor of the Exchequer; that role went to Kwasi Kwarteng during her brief stint as UK Prime Minister in 2022.

Quick Timeline

  • September 6, 2022 : Liz Truss becomes Prime Minister and appoints Kwasi Kwarteng as Chancellor.
  • September 23, 2022 : Kwarteng delivers the infamous "mini-budget" with major tax cuts, sparking market turmoil.
  • October 14, 2022 : Truss sacks Kwarteng after just 38 days amid financial chaos; Jeremy Hunt replaces him.
  • October 20, 2022 : Truss resigns as PM, the shortest tenure in UK history at 49 days.

Key Figures Involved

Here's a breakdown of the main players in Truss's short-lived government:

Role| Person| Tenure Highlights 137
---|---|---
Prime Minister| Liz Truss| Sept 6 – Oct 25, 2022; mini-budget fallout led to resignation
Chancellor (initial)| Kwasi Kwarteng| Sept 6 – Oct 14, 2022; authored tax cuts, fired after bond crash
Chancellor (replacement)| Jeremy Hunt| Oct 14, 2022 onward; reversed most policies

Behind the Chaos

The "mini-budget" was a bold gamble by Truss and Kwarteng—cutting taxes without offsetting spending, funded by borrowing. Markets panicked, the pound plummeted, and pension funds nearly collapsed. Truss later U-turned on key policies, but it was too late; her leadership crumbled under party revolt.

TL;DR : No, Liz Truss was never Chancellor—Kwasi Kwarteng was her Chancellor for 38 turbulent days. Information gathered from public forums or data available on the internet and portrayed here.