Crisis-hit Chancellor Kwasi Kwarteng's short spell at Number 11 ended with a bang today as he was dramatically sacked by Liz Truss.
His mini-Budget caused market chaos and opened a massive rift within the Tory party that threatens to bring the Truss government crashing down.
Mr Kwarteng was today dispensed with as the Prime Minister desperately tries to save her own skin as members of her party plot to boot her out.
In a letter shared on Twitter, the departing Chancellor wished his "friend" well and pledged his support from the backbenches.
He wrote that the PM's "vision of optimism, growth and change" was right, adding: "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 and high taxation - that must change if this country is to succeed."
Since unveiling the mini-Budget on September 23, the government has been forced into one humiliating U-turn, scrapping plans to cut income tax for the country's highest earners.
Ms Truss is expected to make another massive change of direction by reversing her plans to axe a planned corporation tax rise in a press conference this afternoon.
Mr Kwarteng jetted back from Washington this morning for crisis talks after cutting short a trip to the International Monetary Fund (IMF) annual meeting.
He was spotted entering Downing Street by photographers at around midday.
Just a day after he insisted he was "not going anywhere", Mr Kwarteng became the second shortest serving Chancellor in history.
Tory Iain Macleod was made Chancellor in 1970 by Edward Heath but died in office a month later.
Kwasi Kwarteng's letter in full
Dear Prime Minister
You have asked me to stand down 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 and high taxation - that must 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.
We have been colleagues and friends for many years. 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 the country's success and I wish you well.
