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Kwasi Kwarteng has raced back from Washington early amid reports he may be facing the sack today – but not before his plane did a U-turn above Surrey.
Sources say the Chancellor may lose his job after cutting short his meeting with International Monetary Fund leaders amid controversy surrounding a £45bn package of unfunded tax cuts that was announced last month.
Kwarteng is back in the UK and is heading to London amid speculation the Prime Minister may be preparing to sack him and do a U-turn of her own, reversing a key part of the disastrous mini-budget
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."
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.
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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. This chancellor has done enough damage and needs to go."
And bookies have given odds of 6-1 for Liz Truss to be replaced faster than it takes for a lettuce to rot, which you can watch in a Daily Star live feed.
Former home secretary Priti Patel suggested the Government could ditch a hike in corporation tax and be forced into a reversal.
She told Sky News: “Market forces will probably dictate some of these changes now.”
An unnamed Tory aide said the PM was “already a lame duck” but “doesn’t seem to compute how bad the situation is”.
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- BBC
- Westminster
- Liz Truss
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