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 plans for 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.
The dramatic sacking has immediately sparked rumours of who will replace him as Chancellor, with a number of names already being bandied around.
One of the clear favourites at present is Jeremy Hunt. The former Foreign and Health Secretary would be a huge departure from Kwarteng. He is seen as the frontrunner at present.
Another name being mentioned is Sajid Javid, who held the role of Chancellor under Boris Johnson before he resigned. He was later appointed as Health Secretary before again quitting.
Someone else who has held the position at the top of the Exchequer - however briefly - is Nadhim Zahawi. He was appointed by Boris Johnson in the summer after a deluge of Cabinet resignations but was replaced by Liz Truss when she was elected Prime Minister in September. His name is also being thrown into the mix.
Simon Clarke, the current Levelling Up Secretary is also being mentioned in Westminster.
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