Kwasi Kwarteng has reportedly been sacked on day after insisting he is “not going anywhere,” according to reports.

Liz Truss is set to hold talks with Mr Kwarteng shortly, after he returned to London early from a visit to the International Monetary Fund’s annual meeting in Washington.

The Prime Minister is set to hold a press conference later on Friday.

Mr Kwarteng’s dismissal and a widely expected U-turn on scrapping the corporation tax rise would be part of an effort to reassure markets after the mini-budget turmoil, according to the newspaper.

Kwasi Kwarteng arrived in Downing Street via the back entrance just after noon.

Downing Street has refused to deny the claims the chancellor will be sacked first reported by The Times’ Steven Swinford, with Treasury sources suggesting Nadhim Zahawi or Sajid Javid could be set to replace him.

Shortest serving chancellor of the exchequer

If Kwarteng was to be sacked, he would become the second-shortest serving chancellor post-war behind Iain Macleod who died in office.

Prime Minister Liz Truss is to hold a press conference today amid speculation of a major U-turn on Chancellor Kwasi Kwarteng’s mini-budget.