The BBC has reported that Kwasi Kwarteng has been sacked after serving just 38 days as the Chancellor amid his shambolic mini budget which sent markets into turmoil.
Kwarteng is now the second shortest ever Chancellor as he was appointed on 6 September, and Iain Macleod on 1970 died of a heart attack after serving 30 days in the job.
Nadhim Zahawi was the third shortest with just 63 days in the job under Boris Johnson and Sajid Javid comes fourth after serving 204 days.
Only yesterday Kwarteng told reporters in Washington that he was “not going anywhere” despite growing calls for him to resign which saw the pound slump to a 50 year record low after he delivered his mini budget.
Publishing he wrote to the Prime Minister, Kwarteng said it had been “an honour” to serve as her Chancellor.
He wrote, “As I have said many times in the past weeks, following the status quo was simply not an option.
“For too long this country has been dogged by low growth rates and high taxation – that must still change if this country is to succeed.”
It is now expected that Liz Truss will now make a U-turn over parts of the mini budget as she is due to address the nation at 2pm on Friday.
The Prime Minister summoned the Chancellor to Downing Street on Friday from the US cutting his trip short and he landed at Heathrow at around 11am.
Tory MPs are planing a coup to oust Liz Truss and the Prime Minister has been told she has days to save her job after only being in Downing Street for just five weeks.
Talks are being held on how oust the Prime Minister and Tory whips have warned Truss she could face a leadership contest if there is no ease on the financial markets.
A former Conservative cabinet minister told Sky News that the Prime Minister “has to go” and there is “nothing she can do to retrieve her position.”
The former cabinet minister said over the potential corporation tax U-turn, “It was the centrepiece of her campaign, the bit that distinguished her from Rishi.
“She is as guilty as Kwasi Kwarteng and I don’t think it is good enough that she throws him under the bus and can then expect to proceed as if the problem is sorted.
“Crucially, she has damaged the Tory brand when we could say the economy was safe in our hands. We can’t now.
“She has to go. There is nothing she can do to retrieve her position.”