Kwasi Kwarteng is no longer chancellor after meeting Prime Minister Liz Truss at Downing Street on Friday.
The Prime Minister Liz Truss will hold a news conference later, as speculation builds that the government could reverse more of the tax cuts announced in its mini-budget.
Kwarteng flew back to the UK for urgent talks with Truss Friday morning after cutting short a meeting with international finance ministers in Washington DC.
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”.
Pound falls sharply on Kwarteng news
The value of the pound has fallen sharply in the past half an hour after reports emerged that Kwasi Kwarteng is no longer chancellor.
Sterling is now back below $1.12, trading 1.3% lower than it was.
The pound rallied strongly yesterday after rumours of a planned U-turn on elements of Kwarteng’s so-called mini-budget.
more to follow…
