Mr Philp is understood to have been the pioneer behind the government’s mini-budget plan to scrap the 45p tax rate for highest earners, which was reversed in a spectacular U-turn a few weeks ago.
He has been moved to a different department, the Cabinet Office, as paymaster general.
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Mr Philp is the second member of Liz Truss‘s Treasury team to be removed from the department today, with her chancellor Kwasi Kwarteng having been sacked earlier this afternoon.
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Ed Argar has been promoted into Mr Philp’s former role as chief secretary to the Treasury.