The UK Prime Minister has sacked her chancellor after just 38 days.

Liz Truss asked Kwasi Kwarteng to resign three weeks after his mini-budget unleashed chaos in the British economy.

The mini-budget, which included £45bn in unfunded tax cuts, pushed to pound to a record low against the dollar and led to an unprecedented intervention by the Bank of England.

In Mr Kwarteng's resignation letter to Ms Truss, he said: "You have asked me to stand aside as your chancellor. I have accepted."

He said he accepted the job "in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices".

But he said the PM's "vision of optimism, growth and change was right" and "following the status quo was simply not an option".

The Conservative Party has now had four chancellors in the past three years - Mr Kwarteng, Nadhim Zahawi, Rishi Sunak and Sajid Javid.

The next chancellor, who will be chosen by Ms Truss, will be the seventh Tory chancellor in 12 years.

A poll conducted by People Polling today found that just 9% of the British public has faith in Ms Truss.