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Kwasi Kwarteng has been sacked as chancellor – just 38 days after being appointed.
Mr Kwarteng flew back to London from the United States this morning for crisis talks with the PM following days of market turmoil. It has been reported that No 10 and the Treasury plan on abandoning elements of the £43 billion tax-cutting plan – including a key pledge made in September’s mini-budget, to scrap a planned increase in corporation tax.
But the Chancellor was instead sacked, posting a resignation letter on his Twitter. He said he has accepted Prime Minister Liz Truss’ request he “stand aside” as Chancellor.
On Thursday, Downing Street refused to deny that the potential exists for a reversal on the corporation tax policy. Ms Truss will hold a press conference by herself later today, it is understood.
Before he left the US, Mr Kwarteng answered “absolutely 100%” when asked if he will be in office in a month, adding: “I’m not going anywhere.”
The Prime Minister is expected to hold a press conference confirming her decision this afternoon.
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