Ed Davey Liz Truss Kwasi Kwarteng London Twitter stars reports Sky News Ed Davey Liz Truss Kwasi Kwarteng London

Liz Truss sacks Kwasi Kwarteng but not before his plane does 'testicle' U-turn

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READ MORE: Will Daily Star's 60p Tesco lettuce or PM Liz Truss last longer? Watch live feed"I'm told that Kwasi Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-Budget," Steven Swinford, Political Editor of The Times, said on Twitter. "Not clear who will be replacing him." Swinford added that "things are moving very quickly" and that Number 10 is "not commenting."Echoing Swinford, Pippa Crerar of the Guardian reported: "Treasury sources tell us that Nadhim Zahawi or Sajid Javid could replace him at No 11."She said Kwarteng is getting the chop to "take the hit from U-turn over mini-Budget," citing a No 10 source.

TalkTV’s Tom Newton Dunn reports that Jeremy Hunt is favourite.Truss will hold a press conference later today where she is also expected to announce that Corporation Tax will rise to 25 per cent this spring.The decision means she is abandoning one of the flagship tax cut promises from her Tory leadership campaign.Earlier this morning, Conservative Peer Lord Vaizey described Kwarteng ending his trip a day early as "quite unusual"."It's not a good sign, it does not look like the government is in control", he told Sky News.To stay up to date with all the latest news, make sure you sign up to one of our newsletters here.The BBC also reported that Truss cancelled visits in her South West Norfolk constituency today to stay in London and concentrate on "the crisis surrounding her mini-budget."Yesterday, Liberal Democrat leader Sir Ed Davey said Kwarteng should be sacked.“This U-turn would come too late for many struggling families facing mortgage misery,” said Sir Ed.“The only way to restore credibility is for Kwasi Kwarteng to resign or be sacked.

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