Kwasi Kwarteng is no longer chancellor.
It comes amid speculation Truss will today announce a U-turn on parts of the mini-budget.
The Ex-Chancellor arrived at Downing Street to meet Prime Minister Liz Truss before news of his sacking was confirmed by the BBC.
Kwarteng returned from the US ahead of schedule for urgent talks with Truss, as expectations grow that the government will scrap parts of its mini-budget to reassure markets.
It means Kwarteng is the second shortest-serving UK chancellor on record.
The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.
Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days – the fourth shortest tenure on record.