STRICTLY SPEAKING, the chancellor of the exchequer—Britain’s finance minister—is not in charge of his own department. The First Lord of the Treasury is the formal title held by the prime minister. The chancellor is merely number two. That pecking order was made all too plain on October 14th, when Liz Truss, who became prime minister only on September 6th, sacked Kwasi Kwarteng. Mr Kwarteng, formerly Ms Truss’s close political ally, is carrying the can for the financial and political turmoil unleashed by his mini-budget on September 23rd. He lasted only until his 39th day on the job. It wasn’t the shortest tenure of an office that dates back to the Middle Ages, but it wasn’t far off (see chart).
Mr Kwarteng’s chancellorship is the second shortest of modern times. Only Iain Macleod, who died on his 31st day in office, in 1970, spent less time in 11 Downing Street. Mr Kwarteng’s immediate predecessor, Nadhim Zahawi, was chancellor for just 64 days. His tenure, it turns out, was not even the shortest of the year.
Until three years ago, most modern chancellors could expect to spend several years on the job. Stability in that office—and a close relationship with the prime minister—was a mark of steadiness in government. Gordon Brown, the longest-serving modern chancellor, spent ten years in the job before succeeding Tony Blair as prime minister. George Osborne was David Cameron’s only chancellor. A rupture, as when Nigel Lawson, Margaret Thatcher’s second chancellor, resigned in 1989, could spell political catastrophe.
Lately, however, the turmoil in Britain’s Conservative Party has meant a more rapid turnover. Mr Kwarteng’s successor, Jeremy Hunt, is the sixth chancellor in just over three years. Philip Hammond gave way to Sajid Javid when Boris Johnson replaced Theresa May as prime minister in July 2019. Mr Javid fell out with Mr Johnson after less than seven months. Rishi Sunak quit this year to force Mr Johnson from office. Mr Zahawi kept the seat warm while the Tories chose a new leader. And now Ms Truss’s woeful start has cost her ally his job. It may yet cost her hers.
{{/usCountry}}Lately, however, the turmoil in Britain’s Conservative Party has meant a more rapid turnover. Mr Kwarteng’s successor, Jeremy Hunt, is the sixth chancellor in just over three years. Philip Hammond gave way to Sajid Javid when Boris Johnson replaced Theresa May as prime minister in July 2019. Mr Javid fell out with Mr Johnson after less than seven months. Rishi Sunak quit this year to force Mr Johnson from office. Mr Zahawi kept the seat warm while the Tories chose a new leader. And now Ms Truss’s woeful start has cost her ally his job. It may yet cost her hers.
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