Liz Truss’s shake-up of Whitehall continues. Her Chancellor Kwasi Kwarteng has sacked Tom Scholar as permanent secretary to the Treasury – with the Cabinet Secretary to begin the recruitment process to find his successor. Announcing the news in a government press release, Scholar made clear the decision was made by Kwarteng: ‘The Chancellor decided it was time for new leadership at the Treasury, and so I will be leaving with immediate effect’.
What message does it send to the markets? There’s a risk that it suggests turbulence
The new Chancellor did at least offer some parting words of praise – describing Scholar as ‘a dedicated and exceptional civil servant’ who had provided a great service to the government and the country for the past 30 years. So, what’s behind the move? Ultimately, this fits into a wider push by Kwarteng and Truss to rally against what they view to be a Treasury orthodoxy that has been holding the government back.
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