UK Prime Minister, Liz Truss, says she is "sorry to lose" Kwasi Kwarteng, describing her former Chancellor as a "great friend".
In the same speech, Truss announces the appointment of former Health Secretary Jeremy Hunt as the country's new chief of finance.
The sacking of Kwarteng comes after a disastrous period for Truss' fledgling government during which the value of the pound has plummeted as a result of the ill-received tax cutting 'mini-budget'.
