The Chancellor of the Exchequer Kwasi Kwarteng has been sacked by the Prime Minister.

Liz Truss has stated her desire to scrap the mini-budget and has sacked the former Chancellor and Business Secretary, as part of her renege on the previous announcement.

She will hold a press conference later today, in which she is expected to reveal a 25% increase in corporation tax this spring.

Mr Kwarteng held his position as the UK’s Chancellor for just over a month, having been selected by Truss for the position on 6th September.