Chancellor Kwasi Kwarteng has been sacked from the Treasury amid financial turmoil following the so-called mini-budget.
Kwarteng has released a resignation letter confirming prime minister Liz Truss asked him to leave his role.
He said: “Your vision of optimism, growth and change was right... following the status quo was simply not an option.
“It is important now as we move forward to emphasise your government’s commitment to fiscal discipline.”
And he s
He had announced a series of economic reforms in the House of Commons which prompted concern after pension funds were spooked.
The Bank of England (BoE) also announced a government bond buying programme to calm markets.
The former chancellor flew back from meetings with the International Monetary Fund (IMF) in Washington DC late last night following reports of an impending U-turn on elements of his fiscal event.
Kwarteng went straight to Downing Street where its understood he met with Liz Truss at No10 for around 15 minutes this morning (October 14), the BBC said.
While the prime minister is expected to hold a press conference this afternoon.
In a letter to the chancellor, Ms Truss said: “I am deeply sorry to lose you from the government.
“I deeply respect the decision you have taken today. You have put the national interest first.
“Thanks to your intervention, families will be able to heat their homes this winter and thousands of jobs and liveliehoods will be saved.”
She added: “I know you will continue to support the mission that we share to deliver a low-tax, high wage, high growth economy that can transform the prosperity of our country for generations to come.”
More to follow.