Prime Minister Liz Truss has fired the Chancellor of the Exchequer Kwasi Kwarteng and replaced him with Jeremy Hunt after markets reacted negatively to what they perceived as un-costed tax cut plans.
Kwarteng was ordered to fly home overnight from International Monetary Fund talks in Washington and was relieved of his duties by Truss, who is expected to announce a shift in financial policy during a press conference on Friday afternoon.
