KWASI Kwarteng has reportedly been sacked as Chancellor - five weeks into Liz Truss's chaotic leadership.

According to multiple sources, the Prime Minister has ended Mr Kwarteng's stint as Chancellor amid a political and financial backlash against his mini-budget delivered three weeks ago.

The Chancellor was forced to cut his visit to the United States short and has been hauled back to Westminster for crisis talks with the Prime Minister.

Mr Kwarteng was rushed to Downing Street and has been sacked as Chancellor, according to multiple reports.

The UK Government is under intense and growing pressure to U-turn on its mini-budget that has caused turmoil for the UK economy.

The markets reacted terribly to Mr Kwarteng announcing a series of tax cuts and increased borrowing, while not allowing the OBR to publish its forecasts.

The Government was forced into a U-turn over cutting the top rate of tax for the super-rich in England and it has been reported that the announcement to cut corporation tax could be next in line for a U-turn.

In a letter to the Prime Minister, the now former chancellor said: "You have asked me to stand aside as your Chancellor. I have accepted.

"When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

"As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation – that must still change if this country is to succeed."

Mr Kwarteng added: "The economic environment has changed rapidly since we set out the growth plan on September 23. 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.  

"It is important now as we move forward to emphasise 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.

"We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to service as your first Chancellor."

Ms Truss will hold a news conference this afternoon, where it is understood the decision to cut coporation tax could be reversed.

SNP Westminster deputy leader, Kirsten Oswald, said: "No attempt to pass the buck can disguise the fact that Liz Truss is up to her neck in this.

"The disastrous policies in the UK budget were the central plank of her Tory leadership campaign. It was her reckless incompetence that trashed the UK economy - and she is to blame for the damage to people's mortgage rates, pensions and household budgets."

She added: "With her Chancellor gone, it's unclear what justification there is for Liz Truss remaining in post.

"For Scotland, this Tory-made economic crisis has demonstrated why we need independence to escape the chaos of Westminster control and get rid of Tory governments for good."

Labour’s shadow chancellor Rachel Reeves said: “A humiliating U-turn is necessary – but the real damage has already been done to millions of ordinary people now paying much higher mortgages and struggling to make ends meet.

“This is a Tory crisis made in Downing Street. They have plunged our economy into chaos and crisis with Truss’s discredited trickle down approach. It won’t be forgiven or forgotten."

Liberal Democrat leader Sir Ed Davey has called for a general election.

He said: “This mustn’t just be the end of Kwarteng’s disastrous chancellorship, it should be the death knell of the Conservatives’ reckless mismanagement of our economy. It didn’t suddenly start with Kwarteng but it must end now.

“People are angry, fed up and worried about the future. Most of all they are furious that Conservative MPs seem to think this is an acceptable way to conduct the government of our country in these difficult times.

“Enough is enough. It started with Boris Johnson failing our country, and now Liz Truss has broken our economy, it is time for the people to have their say in a general election.”