Kwasi Kwarteng sacked as chancellor ahead of mini-budget U-turn

Kwasi Kwarteng has been sacked as chancellor, just weeks after he announced the controversial mini-budget

Kwasi Kwarteng’s trip to the US was cut short after he flew back to London and met prime minister Liz Truss at Downing Street a little earlier today.

The chancellor was fired by Liz Truss amidst speculation that Truss will reverse even more aspects of the economic plan.

Just three weeks into the job, this is a massive blow for Kwarteng and the Conservative Party.

Liz Truss has just announced another U-turn in the mini-budget

And speculators guessed right – in a bid to reassure financial markets the UK prime minister, Liz Truss has just announced another U-turn in her government’s tax-cut plan.

Truss has admitted that the government’s mini-budget had gone “faster and further” than many expected. She has promised to go back on her policy to scrap increases in corporation tax.

Will Liz Truss be the next to go?

With Kwasi Kwarteng sacked and replaced by former health and foreign secretary Jeremy Hunt, many are calling for Liz Truss to go too.

Naturally, Truss has claimed that she is “determined to see through what I promised” as prime minister of the UK.

In a letter, Kwarteng too backs Truss and her economic “vision” for the county. He has declared that he will continue to support her from the backbenches.

In a political climate pitted with strikes, economic failures, anger and much unrest – how much longer can the Conservative Party remain in government?