Kwarteng was dismissed on Friday after 38 days at the post, making him the second-shortest-serving post-war Chancellor after Iain Macleod, who died in office.

“The economic environment has changed rapidly since we set out the Growth Plan on 23 September. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication,” Kwarteng said in his resignation letter after being asked to step down.

“It is important now as we move forward to emphasize your government's commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches,” he added.

After Boris Johnson resigned in 2022, Kwarteng supported Liz Truss's bid to become Conservative leader. Following Truss's appointment as Prime Minister, she appointed Kwarteng as Chancellor of the Exchequer.

On 23 September, Kwarteng announced a "mini-budget" that was widely criticized and which briefly caused sterling to fall to its lowest-ever level against the US dollar. (ILKHA)