Just 38 days after he was appointed, Kwasi Kwarteng has been sacked over the mini-budget crisis, the BBC reports.
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The chancellor returned early from a meeting in Washington DC overnight and headed straight for a meeting with Liz Truss at Downing Street.
He has been under enormous pressure to re-think his £45 billion package of unfunded tax cuts after the announcement plunged the markets into chaos.
As recently as yesterday, the Treasury was insistent the proposals were going nowhere and the the chancellor was ‘100%’ sure he would remain in post.
International trade minister Greg Hands said the PM has ‘total confidence’ in her Downing Street neighbour a matter of hours ago.
But after less than six weeks in the job, the pressure has finally told and Mr Kwarteng has reportedly been ousted in a bid to appease investors, rebellious MPs and voters who, according to polls, widely oppose the plans.
Only Iain Macleod, who died of a heart attack 30 days after taking the job in 1970, spent less time in 11 Downing Street.
The prime minister is due to speak to the country at 2pm where she is expected to announce another major U-turn on measures announced last month.
It’s been widely reported it will involve reversing a decision to scrap the planned rise in corporation tax from 19% to 25%, on top of the massive reversal over the 45p tax rate already announced.
The PM will hope the move will ward off any attempted leadership coup but, if reports are to be believe, the sharks are circling.
One move reportedly mooted among some senior MPs is to back a joint Rishi Sunak-Penny Mordaunt ticket and force through a second change in leadership in less than two months.
Commenting on speculation of a major U-turn on Chancellor Kwasi Kwarteng’s mini-budget, Labour’s shadow chancellor Rachel Reeves said: ‘A humiliating U-turn is necessary – but the real damage has already been done to millions of ordinary people now paying much higher mortgages and struggling to make ends meet.
‘This is a Tory crisis made in Downing Street. They have plunged our economy into chaos and crisis with Truss’s discredited trickle down approach. It won’t be forgiven or forgotten.
‘Only a Labour government has the credibility, authority and plan to fix things.’
Liberal Democrat leader Sir Ed Davey has called for a general election in response to the sacking.
He said: ‘This mustn’t just be the end of Kwarteng’s disastrous chancellorship, it should be the death knell of the Conservatives’ reckless mismanagement of our economy.
‘It didn’t suddenly start with Kwarteng but it must end now.’
Kwasi Kwarteng’s place in the history books
Kwasi Kwarteng is now the second shortest-serving chancellor in 20th century Britain, with the shortest Ian Macleod, who rather than leaving in disgrace, suddenly died while sat in 11 Downing Street just 30 days after being appointed.
Even Nadhim Zahawi, who was only ever in the role to be a ‘caretaker’ during the recent Conservative leadership election, lasted longer than Mr Kwarteng, reaching 62 days in office.
Sajid Javid lasted a little over six months, and during his time in the role never even announced a budget.
After this Peter Thorneycroft, a Tory chancellor in the late 1950s, lasted 358 days in office.
The last few years have not been the only period in which we have seen chancellors come and go in quick succession. Between 1989 and 1993, the UK saw Nigel Lawson, John Major, Norman Lamont and Ken Clarke all take up the role.
Mr Major was at Number 11 for over a year at 398 days, leaving to take up the role of prime minister, with Charles Ritchie taking the next shortest spot of 424 days.
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