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Kwasi Kwarteng has been sacked as chancellor amid intense speculation Prime Minister Liz Truss is about to junk key parts of their economic plan.
Mr Kwarteng met Ms Truss for crunch talks in Downing Street after cutting short a US trip.
In a letter to the PM, Mr Kwarteng said her vision for economic growth was “right” and he still supported it.
Ms Truss is expected to announce a U-turn on business tax cuts at a news conference in Downing Street at 14:30.
The prime minister has appointed former Health Secretary Jeremy Hunt – who backed Rishi Sunak in the Tory leadership contest – as the new chancellor.
Ms Truss’s pledge to cut taxes was at the heart of the economic agenda that won her the Tory leadership at the start of September.(BBC)
