Prime Minister Liz Truss is to host a Press Conference at 2.30pm following the sacking of Chancellor Kwasi Kwarteng.
The Chancellor was sacked earlier today, with rumours of further U-turns on the mini-budget that was announced just weeks ago. The mini-budget sent the markets into crisis, with the pound seeing significant falls against the euro and dollar.
Government sources are expecting the plans to scrap a rise in corporation tax to be reversed, following criticism from many business leaders both in the United Kingdom and abroad. Pressure is also growing on the Prime Minister, with many stating that they believe she should go as well.
Jeremy Hunt and Sajid Javid are both in line to replace Kwasi Kwarteng as Chancellor.
Labour’s shadow chancellor Rachel Reeves reacted to the news by saying:
“Changing the Chancellor doesn’t undo the damage that’s been done. We don’t just need a change in Chancellor, we need a change in government.
“Only Labour offers the leadership and ideas Britain needs to secure the economy and get out of this mess.”
Kwasi Kwarteng reacted to the news by sharing the letter he sent the Prime Minister on his Twitter account:
