Kwasi Kwarteng is no longer chancellor after meeting Prime Minister Liz Truss at Downing Street announce BBC
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 this 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”
Kwasi Kwarteng out as chancellor after mini-budget backlash
