Truss is scheduled to hold a press conference later on Friday, where she's expected to scrap more of the economic package.
Kwarteng on Thursday insisted he was sticking with the rest of the tax plan and said: "I'm not going anywhere." He then cut short a trip to Washington, D.C., to return to London and meet with Truss.Kwarteng would be replaced by Jeremy Hunt, who served as the U.K.'s foreign secretary under former Prime Minister Theresa May.