MNI BRIEF: UK Finance Minister Sacked As Mini Budget Crumbles

UK Chancellor of the Exchequer Kwasi Kwarteng said Prime Minister Liz Truss had asked him to stand aside and he had accepted.

In a tweet, Kwarteng said the economic situation had changed a great deal since his Sept 23 tax cut announcements but he insisted that low growth and high taxation rates 'must change' if the country is to succeed.

Truss summoned Kwarteng back to London from the IMF/World Bank Autumn gatherings in Washington, sacking him within minutes of his return to Downing Street. The prime minister will make a further statement later Friday on the matter.

UK Gilts are still trading higher on the day, although they have given back much of their earlier gains. The yield on the benchmark 10-year was trading at 3.97%, with the 30-year at 4.35%. The pound was last trading at USD 1.1205, down more than a full cent on the day.