British Finance Minister Kwasi Kwarteng announced his resignation via Twitter on Friday, confirming earlier reports.

"It is important now as we move forward to emphasis your government's commitment to fiscal discipline," Kwarteng said in the letter addressed to Prime Minister Liz Truss. "The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenchers."

Market reaction

The GBP/USD pair showed no immediate reaction to this announcement and was last seen losing more than 1% ı the day at 1.1202.