Kwasi Kwarteng was flying back to the UK at 36,000ft over the Atlantic when his fate was sealed and he was clueless until he touched down, according to reports.
The ex-Chancellor had been ordered back to Britain from talks with finance ministers in Washington DC on Friday as the fallout from his mini-budget continued.
By the time his plane had landed at Heathrow on Friday, Prime Minister Liz Truss had removed him from No.11 ahead of announcing Jeremy Hunt as his successor later the same day.
Brutally, the chancellor learned he was being sacked as The Times broke the story , the paper reported.
Just 24 hours earlier he had confidently told reporters in New York he was “100% certain” he would still be Chancellor next month.
Now he has returned to the back benches following the disaster caused by the mini-Budget which may yet cost the PM her job and throw the country into yet more uncertainty.
Kwarteng had been in the job just 38 days, the second-shortest time ever spent in the post behind Iain Mcleod, who died in office in 1970.
In his resignation letter he said: “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 if this country is 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.”
Truss later said in a press conference: “It is clear that parts of our mini-budget went further and faster than markets were expecting. So the way we are delivering our mission right now has to change.
“We need to act now to reassure the markets of our fiscal discipline.
“I have therefore decided to keep the increase in corporation tax that was planned by the previous government.
“This will raise £18 billion per year. It will act as a down payment on our full medium-term fiscal plan which will be accompanied by a forecast from the independent OBR.
“We will do whatever is necessary to ensure debt is falling as a share of the economy in the medium term.”
