Jeremy Hunt is the new Chancellor. Chris Philp has been moved to the Cabinet Office, and replaced as Chief Secretary by Edward Argar.
The BBC are reporting that Kwarteng has been sacked as Chancellor after meeting Truss in Downing Street. He had been in office for 38 days.
Steven Swinford, the political editor of The Times and one of Downing Street’s main conduits to the press, has Tweeted that the Prime Minister will sack Kwarteng as she prepares to reverse the mini-Budget.
EXCLUSIVE:— Steven Swinford (@Steven_Swinford) October 14, 2022
I'm told that Kwasi Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-Budget
Not clear who will be replacing him
Events moving very, very quickly this morning
No 10 not commentinghttps://t.co/LoUAVxD00N