Chancellor sacked as PM gets ready to announce mini-Budget u-turn

Kwasi Kwarteng has been sacked as Chancellor by Prime Minister Liz Truss after a disastrous period for the ruling Conservative Government.

Kwarteng was called to Downing Street on Friday lunchtime to learn his fate. He was in post for only 38 days – the second shortest-serving UK Chancellor in history after Iain Mcleod, who died of a heart attack after just 30 days in the job in 1970.

Kwarteng has been blamed for the tumultuous recent mini-Budget which crashed pound and caused mortgage lenders to withdraw products and raise interest rates for homebuyers and owners.

Truss is widely tipped to be announcing a U-turn on major parts of the mini-Budget in a press conference scheduled for 2pm this afternoon.

More to follow…