The chancellor of the exchequer was dismissed in person by Truss after he rushed back early from international meetings in Washington, multiple media reports said, and she was due later to hold her first Downing Street news conference.
No timing was given for Truss's news conference, but the announcement underscored the sense of peril as some Conservative MPs reportedly mobilised to unseat the new leader just five weeks since she succeeded Boris Johnson. The promised tax cuts were the centrepiece of Truss's successful pitch to Tory party members that she rather than rival Rishi Sunak was the best candidate to replace Johnson.
Other polls show a mammoth lead up opening up for the opposition Labour party, threatening electoral meltdown for the Tories. The pound tumbled to a record dollar low near parity with the greenback and bond yields surged, before stabilising.
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