Kwasi Kwarteng is no longer chancellor, the BBC reports.
It comes amid speculation Truss will today announce a U-turn on parts of the mini-budget.
Kwarteng second shortest-serving UK chancellor
It means Kwarteng is the second shortest-serving UK chancellor on record.
The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.
Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days – the fourth shortest tenure since the Second World War.
SUMMARY
- Kwasi Kwarteng is no longer chancellor after meeting Prime Minister Liz Truss at Downing Street
- 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”
This is a developing stories and our reporters will be monitoring the media space for more update…
Source: BBC News
