It’s not yet clear if he was sacked or whether he resigned.
Updated with letter published below:
Kwasi Kwarteng is no longer chancellor since a meeting this morning with Prime Minister Liz Truss at Downing Street.
It comes amid speculation Truss will today announce a U-turn on parts of the mini-budget.
In a press conference at 2 pm today, it is expected that the Corporation Tax decision will be reversed and it will remain at 25%.
This levy on company profits had been due to rise from 19% to 25% next year until the mini-budget announcement that it would remain frozen. There are rumours the government may now allow this to rise in what would be a major U-turn.
No announcement has been made yet as to who the new Chancellor of the Exchequer will be.
