Kwasi Kwarteng has been sacked as the Chancellor of the Exchequer after just five weeks in the job, reports have confirmed.
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.
New Prime Minister Liz 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.
READ MORE: Reports Kwarteng will be sacked as Liz Truss holds press conference - updates
With chaos surrounding her, Ms Truss has now sacked Mr Kwarteng from his position. He arrived at Downing Street at midday to be told the news.
The news means that Mr Kwarteng is the second the second shortest-serving UK chancellor on record. The shortest was Iain Macleod, who died of a heart attack 30 days after taking the job in 1970.
The UK has had four chancellors since 2019, 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.
It is another bizarre moment from a government that has been drowning in turmoil from its inception just weeks ago. In another attempt to save her own faltering Premiership - Ms Truss will hold a press conference at 2pm.
It has not been made clear who will replace Mr Kwarteng as the Chancellor. Some potential names being reported include former Chancellor and Health Secretary Sajid Javid and ex-Health and Foreign Secretary Jeremy Hunt.
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