The Chancellor cut short his attendance at the International Monetary Fund's annual meeting in Washington to be told of his fate in a brief meeting with the Prime Minister. In a letter to Ms Truss posted on social media, Mr Kwarteng said: "You have asked me to stand aside as your Chancellor. I have accepted."
He said her "vision of optimism, growth and change was right" and pledged to support her from the backbenches.
Former foreign secretary Jeremy Hunt has been appointed as Mr Kwarteng's replacement.
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