Kwasi Kwarteng has been sacked as Chancellor of the Exchequer after just five weeks in the role.
Multiple outlets including the BBC have confirmed that the Chancellor has been removed from his role by Prime Minister Liz Truss.
He was summoned back to Downing Street from the United States today amid chaotic scenes following his disastrous mini-budget announcement last month. His announcement of billions of pounds of unfunded tax cuts shocked the markets and saw the pound crash.
READ MORE: Kwasi Kwarteng sacked as Chancellor amid chaos in government
New Prime Minister Ms Truss, who only appointed her ideological ally as Chancellor in early September, has already performed a number of screeching U-turns on the pair's flagship plans and is expected to do another on Corporation Tax today.
In his formal resignation letter to Ms Truss today, Mr Kwarteng said: "You have asked me to stand aside as your Chancellor. I have accepted.
"When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.
"As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation - that must still change for this country to succeed.
"The economic environment has changed rapidly since we set out the Growth Plan on 23 September. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events and I commend my officials for their dedication.
"It is important now as we move forward to emphasise your government's commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end and I look forward to supporting you and my successor to achieve that from the backbenches.
"We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first Chancellor.
"Your success is this country's success and I wish you well."
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