Britain`s Finance Minister Kwasi Kwarteng has been sacked after less than six weeks in the job, the BBC reported on Friday (October 14), as the government`s massive tax cuts sparked financial market turmoil.

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Kwarteng is no longer chancellor of the exchequer, the BBC said. The Times newspaper reported earlier that Kwarteng was expected to be sacked.

His sacking makes Kwarteng Britain`s shortest serving chancellor since 1970, and his successor would be the UK`s fourth finance minister in as many months as the nation grapples with a cost-of-living crisis.

Kwarteng returned to London early on Friday, cutting short a trip to Washington amid reports the government was planning to U-turn on tax cuts announced in a "mini-budget" announced by Kwarteng last month.