Live: Liz Truss sacks Kwasi Kwarteng as Chancellor

Kwasi Kwarteng said he has accepted Liz Truss’s request he “stand aside” as Chancellor.

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:

1.15pm

Kwasi Kwarteng has left Downing Street after accepting Prime Minister Liz Truss’ request he stand down as Chancellor.

He waved to reporters as he left via the front entrance of Number 11 before getting in a car.

1.13pm

In a letter to the Prime Minister, posted on his Twitter account, Mr Kwarteng said: “As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation — that must still change if this country is to succeed.”

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.