Kwasi Kwarteng has been sacked from his role as Chancellor as Liz Truss seeks to salvage some political authority following weeks of turmoil caused by the mini-budget.
Mr. Kwarteng was forced to cut short his visit to an IMF meeting in Washington and fly back to London overnight as pressure mounted on the Prime Minister to change tack on her fiscal plans.
Ms. Truss called her close ally to No 10 on Friday morning where she informed him that he was being fired as Chancellor, in an attempt to ensure her former right-hand man carried the can for turmoil in the financial markets since his fiscal statement last month.
It comes after growing pressure from both economists, Whitehall officials, and her own MPs who warned her approach to the economy had to change if the country was to avoid further financial chaos.
The pair are understood to have held a series of tense talks over the last 48 hours after Ms. Truss pushed for him to water down some of his biggest tax cuts, including the decision not to increase corporation tax.
The Prime Minister and her No 10 team began to unpick the mini-budget policies while Mr. Kwarteng was out of the country, in a move that further raised tensions between the two.
Several Tories have serious doubts that Ms. Truss will be able to survive sacking her own Chancellor so soon after they swept to power, particularly as many believe he was carrying out her own fiscal plans.
