Kwasi Kwarteng has said he has accepted Prime Minister Liz Truss’s request he “stand aside” as Chancellor.
The Chancellor flew back early from International Monetary Fund talks in Washington on Friday to be informed of his fate in a brief meeting with the Prime Minister, it was reported.
Ms Truss will stage a press conference in Downing Street later on Friday in which she is expected to announce major changes to Mr Kwarteng’s £43 billion tax giveaway.
Here is the latest on what is happening in Downing Street:
1.09pm
BREAKING: Kwasi Kwarteng said he has accepted Liz Truss’s request he “stand aside” as Chancellor.
12:37pm
Earlier, Liberal Democrat leader Sir Ed Davey called for a general election in response to reports that Kwasi Kwarteng is being sacked as Chancellor.
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.
“Enough is enough. It started with Boris Johnson failing our country, and now Liz Truss has broken our economy, it is time for the people to have their say in a general election.”
12.18pm
Kwasi Kwarteng arrived in Downing Street via the back entrance just after noon.
