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The BBC the Conservative MP for Spelthorne was relieved from his post by prime minister Liz Truss, after uncertainty whether he resigned or not.

This comes just 38 days after the 47-year-old was handed the role.

Mr Kwarteng was in Washington DC and landed in the UK at Heathrow airport after a flight this morning.

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In a letter to Ms Truss posted on social media, Mr Kwarteng said: ‘You have asked me to stand aside as your Chancellor. I have accepted.”

He said her ‘vision of optimism, growth and change was right’ and pledged to support her from the backbenches.

Mr Kwarteng championed the government’s mini budget, which he described as the biggest tax cuts in a generation.

Chancellor of the Exchequer Kwasi Kwarteng arriving in Downing Street, London, after returning from the US ahead of schedule for urgent talks with Prime Minister Liz Truss as expectations grow that they will scrap parts of their mini-budget to reassure markets. Picture: Stefan Rousseau/PA Wire.

After the announcement on September 23, the government came under increased pressure to chance the policies.

This followed financial turmoil in the markets caused by the £43billion package.

Mr Kwarteng is the second shortest-serving UK chancellor on record.

The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.

Chancellor Kwasi Kwarteng. Picture: ISABEL INFANTES/AFP via Getty Images.

Four politicians have held the role since 2019.

This includes Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid, who was in the job for 204 days.

Ms Truss will stage a press conference in Downing Street later today in which she is expected to announce major changes to Mr Kwarteng’s £43 billion tax giveaway.

Downing Street said former foreign secretary and Conservative leadership contender Jeremy Hunt has been named as the new chancellor – the fourth this year.

Ed Argar will take over chief secretary to the treasury according to the BBC, who is the second in command under the chancellor.

Former chief secretary to the treasury Chris Philp has changed jobs and is now the new paymaster general.

The Prime Minister is closely linked to Mr Kwarteng’s tax-cutting agenda having strongly defended his plan to get the economy going again.

Commitments to reverse a hike in national insurance rates and ditch a planned rise in corporation tax, without explaining how they would be paid for, were the key planks of her leadership election campaign.

The pound plummeted against the dollar and the cost of government borrowing soared, leading to falling Conservative opinion poll ratings.

Chancellor Kwasi Kwarteng sacked by prime minister Liz Truss amid mini budget U-turn speculation