Liz Truss says ‘it was a wrench to see my friend leave’ after she sacked chancellor Kwasi Kwarteng

PM dispatched her ‘friend’ and chancellor in attempt to regain authority

Liz Truss has said it was a "wrench" to see her "friend" Kwasi Kwarteng leave government after she sacked him as chancellor over the fallout from their disastrous mini-Budget in September.

In a last-ditch bid to reassert her authority and reset her government amid turmoil in the markets, the prime minister told Mr Kwarteng on Friday his services were no longer required.

The move came ahead of a press conference later in the afternoon where she U-turned on her campaign promise to reverse the previous government's pledge to raise corporation tax as she tried to win back the support of her MPs and investors.