Kwasi Kwarteng has been removed as Chancellor today, following a meeting with under pressure Prime Minister Liz Truss

Kwarteng, who was attending IMF meetings in the US, rushed home early on Thursday night to deal with the UK’s economic crisis.

Rumours have been swirling that the mini-budget Kwarteng presented last month will be ripped up by Liz Truss in a desperate attempt to rebuild market confidence and save her job.

Kwarteng confirmed he was asked “to stand aside” as Chancellor.

In a letter to the Prime Minister, he wrote: “You have asked me to stand aside as your Chancellor. I have accepted.

When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

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.”

Chris Philp, the chief secretary to the Treasury, is also said to be on his way out.

Earlier, No 10 downplayed speculation of imminent changes to the plan.

Ms Truss is expected to host a press conference to announce the decision alongside other policy changes.

This is a developing story.