Kwasi Kwarteng has been sacked following a disastrous stint as the UK’s chancellor.
His so-called mini-budget last month sent the markets into financial turmoil and saw the pound drop to its lowest level in decades.
Just 24 hours before his departure, Mr Kwarteng asserted in an interview he was ”absolutely 100 per cent” not resigning from his post.
However, widespread criticism of the financial plan and multiple U-turns on tax cuts spiralled and Mr Kwarteng is chancellor no more.
In a letter addressed to the prime minister on Friday, he wrote: “You have asked me to stand aside as your Chancellor. I have accepted.”
It continued: “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.”
He ended the letter saying: “Your success is this country’s success and I wish you well.”
It remains to be seen whether Ms Truss will be ousted from leadership, amid reports that senior Tory MPs are holding talks to replace her with an unchallenged coronation of a “unity candidate”.
Though Mr Kwarteng’s run in office has been brief at only 38 days, he is in fact not the shortest-serving chancellor the country has had.
Below we look at politicians who didn’t last long in the job.
Iain Macleod - 30 Days
Conservative Iain Macleod was appointed as chancellor of the Exchequer on 20 June 1970. However, he died only 30 days later in Downing Street after suffering a heart attack.
He passed away on 20 July 1970, and became the shortest-serving chancellor, in office for only 30 days.
Nadhim Zahawi - 63 days
Currently serving as the chancellor of the Duchy of Lancaster, fellow Tory Nadhim Zahawi served as chancellor exchequer for a brief 63 days.
He took it on as a caretaking position, following the resignation of former prime minister Boris Johnson this summer.
Mr Zahawi is now tipped as a contender to head back to the chancellor’s chair, as a former endorser of Ms Truss’s leadership campaign.
Sajid Javid- 204 days
Sajid Javed served as Mr Johnson’s first budget chancellor for 204 days between July 2019 and February 2020, before he was appointed as health secretary.
Before this, he served as home secretary from 2018 to 2019. With plenty of experience under his belt, Mr Javid is the Bookies favourite to replace Mr Kwarteng as the new budget chancellor.
