Kwasi Kwarteng is no longer chancellor of the UK after a meeting with Prime Minister Liz Truss at her 10 Downing Street office today.
Truss will hold a news conference later as speculation builds that the government could reverse more of the tax cuts announced in its mini-budget
Kwarteng flew back to the UK for urgent talks with Truss this morning after cutting short a meeting with international finance ministers in Washington DC.
Earlier, a No 10 source told the BBC that Truss thought the chancellor was “doing an excellent job”.
The PM faces growing calls from within her party to rethink her economic plans, with one Tory MP telling the BBC: “It’s checkmate, we’re screwed”.
In a letter acknowledging Kwasi Kwarteng’s departure from her government, Liz Truss said “I am deeply sorry to lose you from the Government”.