UK PM Liz Truss sacks finance minister Kwarteng: Here is what happened

Kwarteng recently said that he was 'absolutely, 100 per cent' confident that he would be in post in November despite rising rebellion

After his sudden return from the International Monetary Funds' (IMF) meeting in Washington DC on Friday, the UK's chancellor of the exchequer, Kwasi Kwarteng, has reportedly been sacked by Prime Minister Liz Truss. This makes Kwarteng the shortest-serving chancellor since 1970. The chancellor of the exchequer is the UK equivalent of India's finance minister.

Kwarteng confirmed the development.

"You have asked me to stand aside as your chancellor. I have accepted," he wrote in a letter to Truss.

According to a report by The Guardian, Truss was supposed to meet Kwarteng for "crisis talks" in Downing Street. She will scrap