The Latest Breaking News from Kwasi Kwarteng

Embattled UK Prime Minister Liz Truss has appointed Jeremy Hunt to replace Kwasi Kwarteng as Finance Minister on Friday, while also ditching the cut in corporation tax in a major U-turn to her mini-budget announced just last month triggering major market turmoil.

The Prime Minister will inform the press later today on a wave of new economic plans to tackle the country's crisis

The UK mortgage market has tightened as confidence in the economy has faltered in recent weeks. Lenders withdrew more than 1,600 homeloan products after the (then) chancellor Kwasi Kwarteng’s September mini-budget sent the UK economy into a tailspin.

Calls have been made for a snap general election following Chancellor Kwasi Kwarteng's sacking

Former Health Secretary will take over from Kwasi Kwarteng following his dramatic sacking

Mr Kwarteng joins unfortunate list of chancellors who didn’t last long in one of the most important jobs in government

Liz Truss today dispensed with Mr Kwarteng as she desperately tries to cling on to office following the disastrous fall-out from the September 23 mini-Budget, which caused a market meltdown and sparked a Tory mutiny

In a move to calm financial markets and her own Conservative Party, Prime Minister Liz Truss canceled planned tax cuts for corporations and replaced Kwasi Kwarteng as treasury head with Jeremy Hunt.

Former foreign secretary and Conservative leadership contender Jeremy Hunt replaces Mr Kwarteng.

Prime minister’s plan for Britain abandoned as Hunt takes Treasury as his own

There are a number of senior Tories that could take the top job at the Treasury