Chris Philp: Liz Truss demotes Kwasi Kwarteng’s deputy in Treasury clear-out

Chief secretary to the Treasury moved to Cabinet Office role

(PA)

Liz Truss has demoted Kwasi Kwarteng's deputy at the Treasury as she clears out the department following a disastrous budget.

Chris Philp, who was chief secretary of the Treasury, will be moved to the role of Cabinet Office minister.

He is set to be replaced by Edward Argar, who held that role previously.

It comes after Mr Kwarteng agreed to step down from his role as chancellor, to be replaced by Jeremy Hunt.

The prime minister was responding to the market and political reaction to her and Mr Kwarteng’s budget.

The fiscal event sent the cost of mortgages and government debt soaring, and hit the value of the Pound.