Kwasi Kwarteng has been sacked as chancellor, just weeks after he announced unfunded tax cuts that triggered financial turmoil

Kwarteng met PM Liz Truss at Downing Street a little earlier, after cutting short a US visit and flying back to London

In a letter confirming his sacking, Kwarteng backs Truss’s economic “vision” for the county and says he will continue to support her from the backbenches

Truss will hold a news conference at 14:30 as speculation builds that the government could reverse more of the tax cuts announced in its mini-budget

Earlier, a No 10 source told the BBC that Truss thought the chancellor was “doing an excellent job”

The PM faces growing calls from within her party to rethink her economic plans, with one Tory MP telling the BBC: “It’s checkmate, we’re screwed”

Source: BBC