According to the BBC, British Finance Minister Kwasi Kwarteng has been sacked by Prime Minister Liz Truss.

Reporting on the matter, "The Telegraph now understands that Liz Truss is set to remove Kwasi Kwarteng as Chancellor this afternoon," The Telegraph tweeted. "It was thought that the PM's press conference would be held at 2pm, but the exact timing is now up in the air." 

Market reaction

As markets await the details on the mini budget following this development, the GBP/USD pair continues to trade deep in negative territory at around 1.1250.