Kwasi Kwarteng has been sacked as chancellor three weeks after his mini-budget unleashed chaos in the economy.
He was appointed to the role by Liz Truss only 38 days ago, making him the second-shortest serving chancellor after Iain Macleod, who died a month after being handed the job by Edward Heath.
Mr Kwarteng’s downfall was set in motion by the mini-budget on 23 September, in which he announced £45bn in unfunded tax cuts.
The mini-budget pushed the pound to a record low against the dollar, sent the cost of government borrowing and mortgage rates up and led to an unprecedented intervention by the Bank of England.
In Mr Kwarteng’s letter to Ms Truss, he said: “You have asked me to stand aside as your chancellor. I have accepted.”
He said he accepted the job “in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices”.
Source: Sky News